|Q1 2011: Homeownership Rate at 1998 Levels|
|Calculated Risk, 27/04/2011 (traduire en Français )|
|Guest Post: The Housing Bubble Broke The Middle Class|
|Of Two Minds via ZeroHedge, Charles Hugh Smith, 27/04/2011 (traduire en Français )|
Most of the decline in assets results from the popping of the real estate bubble: $6.3 trillion of the $7.3 trillion decline is housing:
This is a better reflection of the true devastation left by the bubble: I will explain why below:
Owners equity as percentage of real estate:
Households pulled money out of stocks and put it into Treasury bonds. Yeah, the public really bought the stock rally....
2007: $255 billion
2010: $1.0 trillion
Beneath the surface, most of the income and wealth is held by the top 10% of households. Over a quarter of households are at or below the poverty line; they have no appreciable assets and depend heavily on government transfers.
Almost half of the total income (47%) goes to the top 10%, and 21% flows to the top 1%.
Over 18% of personal income is transfers from the Federal government, most of which is borrowed, of course
Calculated another way: household real estate is worth $16.4 trillion, and there is $10 trillion in outstanding mortgage debt, so total equity is $6.4 trillion. One-third of homes are owned free and clear, so one-third of $16.4 trillion is $5.4 trillion. $6.4 trillion - $5.4 trillion = $1 trillion in equity spread over 35 million homes.
En bref, les 35 millions de ménages endettés pour leur maison ne possèdent chacun en moyenne que 30 000$ de patrimoine sur leur maison (et ce sur un standard de prêt à 30 ans aux USA)...
La ouine !
The family house was the traditional foundation of household wealth. As for all those trillions in financial wealth--as we all know, 83% is owned by the top 10%.Ben voila, la boucle est bouclée... La ploutocratie a eu la peau de la classe moyenne et ils l'ont remplacée par une bonne grosse plèbe sous tittytainment...
So here's the reality: over one-fourth of all households are at or below the poverty line: 28 million.
The top 10%--10.5 million households--own the vast majority of the financial assets ($45 trillion)(the total owned by non-profits is not broken out).
The next 10% own 10% of this wealth, or about $4 trillion. So the top 21 million households own 93% of all financial wealth.
The Great Middle Class between those in poverty and the top 20%--56 million households-- owns about $2.7 trillion in financial wealth, and the millions with mortgages own an additional $1 trillion in home equity. That comes to $3.7 trillion, or about 6.5% of the total household net worth.
Consumer durables--all the autos, washing machines, jet-skis, etc.--are worth about $2.2 trillion ($4.6 T = $2.4 T in consumer debt). Add the durables and the other wealth, and the Great Mortgaged Middle Class holds about 10% of the total household wealth ($5.9 trillion).
Ca fait vraiment rêver le modèle américain... La tiers-mondisation rangée dans une armoire...
Toute ressemblance avec ceci serait purement fortuite :
1891 American Bankers Association, as printed in the Congressional Record of April 29, 1913 : On September 1st 1894 we will not renew pour loans under any consideration. On September 1st we will demand pour money.
We will foreclose and become mortgages in possession. We can take two-thirds of the farms west of the Mississippi, and thousands of them east of the Mississippi as well, at pour own price...Then the farmers will become tenants as in England...,"
London Times, 1865 : If this mischievous financial policy, which has its origin in North America, shall become endurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without debt. It will have all the money necessary to carry on its commerce. It will become prosperous without precedent in the history of the world. The brains, and wealth of all countries will go to North America. That country must be destroyed or it will destroy every monarchy on the globe.
Y'a plus qu'à attendre de voir les dollars des kleptocrates s'évaporer, maintenant que sans classe moyenne et sans demande solvable, tout ceci n'est plus que du vent...