The total value of every home in the US is now $33.6 trillion.
The housing recovery added $11.3 trillion to US housing values during the last decade, according to a new report by Zillow. The total value of every home in the US is now $33.6 trillion, nearly as much as the combined GDP of the world’s two largest economies – the US ($20.5 trillion) and China ($13.6 trillion). The $11.3 trillion in value added to the housing market since 2010 represents a more than 50% increase, according to Zillow. About 14% of that gain came from new stock entering the market, while the rest represents increased values of existing stock. “In 2010, Americans were grappling with falling home values, unsold subdivisions, and sky-high foreclosure rates, while policymakers were working to stimulate demand,” said Jeff Tucker, economist at Zillow. “A decade later, we’re facing a very different set of challenges, as a persistent shortage of new homes and starter homes has kept home prices rising."
Source: Mortgage Professional America