[raybbr]

Home equity is also at all time highs.

So what? Equity is not a tangible asset.

People most emphatically do own their homes.

Really? Can I tear down my walls and build my house bigger or smaller without notifying the bank or the town?

Are you a first year economics student? Do you "own" a home?

[A. Pole]

[To: JasonC] Are you a first year economics student? Do you "own" a home?

I think he is a trust baby.

[JasonC]

Homes are the paradigm case of "tangible", and equity is the accounting definition of asset.

You can sell your home for any price you like, decline any offer for it, or live in it and use it as you please, and all profits or losses on it are yours. Yes you own it.

No I am not a first year economics student, I graduated a long time ago. In younger days I did work professionally as an investment advisor, but now I am in software.

Have you ever seen a bank's balance sheet? Ever owned bank stock? Have any idea how they work?