Home equity (the value of the home minus the mortgage amounts) constituted the largest share of household net worth, accounting for 32.3% of total net worth in 2000.
I guess it depends on your definition of almost totally.
Net Worth and Asset Ownership of Households: 1998 and 2000
Page four, middle column.
That's exactly what I am talking about. You guys take a report from 2000 when stocks are at their peak, and the low interest rate housing boom has not started. So now, the end of 2004, the number 2 component (equities) have shruken big time in value while housing has been pumped up. I'd love to concede your point if you had some fresher data showing the same numbers.