CHART OF THE DAY: The Good News Is That Housing Is Slowly Becoming Irrelevant

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House prices continues to fall, as tomorrow’s Case-Shiller data will probably confirm.

Here’s the good news: House prices are slowly becoming irrelevant.

Household equity as a percentage of household net worth is down to 11% from about 23% during the peak, as Citi’s Tobias Levkovitch points out.

Granted, further falls will hurt, but it’s just not the huge chunk it used to be.

chart of the day, households owners' equity as % of net worth, june 2011

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