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.
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