Excerpt of talk by Lawrence Yun, Chief Economist for National Association of Realtors (NAR), “Residential Economic Issues & Trends Forum”, NAR Conference & Expo, New Orleans, November 7, 2014
“Household net worth in America is at an all-time high, by a large margin.
… and, when one looks at the data of who has exposure to stock market wealth, it is only 10% of families in America. Ninety percent of Americans have either little, or no exposure to the stock market. So when the stock market is just rolling, 90% of Americans don’t feel it.
Nonetheless from a business perspective, with increased household net worth it means that vacation home markets should be improving because it’s the top 10% who buy vacation homes.
And also, top 10% are buying more expensive properties, so expensive properties are poised to recover very, very soon.”