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June 10, 2011

Average home equity tumbles to 38%

  • Home equity is important for the economy because it has a lot to do with how wealthy people feel.
    • By CHRISTOPHER S. RUGABER
    AP Business Writers

    WASHINGTON — Falling real estate prices are eating away at home equity.

    The percentage of their homes that Americans own is near its lowest point since World War II, the Federal Reserve said Thursday. The average homeowner now has 38 percent equity, down from 61 percent a decade ago.


     
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