Correspondent E.M. describes the true scope of the financial disaster that is housing.
Correspondent E.M. responded to $6.5 Trillion Lost, One House at a Time with this succinct account of housing’s role in declining household wealth. E.M. is not a realtor or in a housing-related profession; his report on housing valuations in the Atlanta area is that of a knowledgeable observer and does not claim to be a complete statistical survey.
E.M.’s commentary is especially valuable as it examines the underlying assumption of real estate ownership in America–that it is a reliable “wealth building” investment for the average household. If this assumption is invalid, then that should change our perception of housing’s value and place in the project of building household wealth.