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Politics : Politics for Pros- moderated
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To: mistermj who wrote (764)5/9/2003 8:35:31 PM
From: KyrosL  Read Replies (1) of 794162
 
>>Americans homes<<

Sure, there is lots of wealth in American homes, although the percentage of equity owned by homeowners is at an all time low (55%) and a good chunk is indirectly owned by foreigners via their holdings in Fannie Mae mortgages.

But we are talking about "savings" as defined conventionally. Foreign real estate is also worth a lot, in many cases a lot more than comparable American real estate. At the height of the Japanese bubble a decade ago the land under the Japanese Imperial palace was worth more than all the property in California.
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