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Home is where the working and middle class lose their money ? $6.3 trillion lost in household real estate values

By Implode-Explode Heavy Industries

``66 percent of the net worth of most American families comes from non-financial assets and 60 percent of that is real estate. So that evaporation of $6.3 trillion hits squarely on the jaw of the working and middle class. But when we do the math, the top 1 percent own over 40 percent of all financial wealth in the country and their primary residence is only a tiny part of their overall portfolio... The top income brackets are less hurt from real estate and benefit more from the Wall Street rally. Goldman Sachs is rallying while your neighbor receives a notice of default on their underwater McMansion. ''

Full post as published by Mortgage Lender Implode-o-Meter on March 12, 2011 (boomark / email).