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<p>[QUOTE=&quot;doug444, post: 1998603, member: 38849&quot;]The PRICE of housing is denominated in dollars.&nbsp; Do you tell your Realtor that you want to buy a 1650sf house and don&#039;t care about the price?</p><p><br /></p><p>By the way, the recession of 2007-2009 savaged the middle class, cutting the average household&#039;s net worth* by more than a third, most of that attributed to a reduction in the value (<u>in dollars</u>) of their homes.&nbsp; </p><p><br /></p><p>Hundreds of thousands of homeowners are still under water, owing more than their home will bring in today&#039;s marketplace, although prices are improving, more for new homes than existing homes; <u>this has nothing to do with PM&#039;s</u>, it resulted from a housing bubble fueled by easy money, low mortgage interest rates, and unqualified buyers, followed by unexpectedly reduced incomes and bankruptcies.</p><p><br /></p><p>PM&#039;s wouldn&#039;t have saved you, but it does point out the risks of having all your assets in dollars.</p><p><br /></p><p>*L. A. Times, June 2012</p><p>&quot;WASHINGTON — The typical American family lost nearly 40% of its wealth from 2007 to 2010 as the Great Recession reduced household net worth to a level not seen since the early 1990s.</p><p><br /></p><p>The net worth of the median U.S. family — one with an equal number of families richer and poorer — fell to $77,300 in 2010 from $126,400 three years earlier, after adjusting for inflation, the Federal Reserve said in a new report Monday.</p><p><br /></p><p>The drop, much steeper than previous Fed quarterly reports have suggested, underscores the severity of the 2007-09 recession that decimated the housing market and resulted in massive layoffs that slashed people&#039;s incomes.</p><p><br /></p><p>Although families have recovered some of the lost wealth in the last 18 months, the new 80-page Fed report shows that the financial shock hit them across the board — rich and poor, young and old, the well-educated and the less educated and those with and without children. The report also detailed incomes, debts and various assets owned by families.&quot;[/QUOTE]</p><p><br /></p>

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