Where in the article does it say that? If this is not in the article where did you get your information from?
The cost of housing, not inlcuding interest rates, is sky high
Long term interest rates have been falling for five months and are still at historically low levels. The cost of housing takes a smaller chunk of our budget today than it did a generation ago.
Wealth producting industries are closed or declining
Is that why our household net worth is at record levels and has almost doubled during the last ten years?
People whose wages have been cut do not have extra money for investing.
Yet, the percentage of working Americans who are invested in the stock market has increased from about 25% in 1980 to almost 60% today. You should probably get some facts before posting your doom and gloom nonsense here.
Compared to incomes, housing prices are outrageous. They are only affordable through exotic, interest only loans. Property appreciation of 30% per year is not an indication of low cost of housing. It has gotten to the point where people can't move. If they move, their wages haven't kept up with rising house prices so they can't afford a new place, even with the equity they have in their current home. Of you are a 1st time buyer, you will have a very hard time.
Is that why our household net worth is at record levels and has almost doubled during the last ten years?
That's net worth on paper only and has home equity as the biggest driver. Increasing home values is not a wealth producing industry. Manufacturing and adding value to products is where wealth is created.