Are you taxed on equity? No? That should tell you all you need to know about its value and worth to you as a tangible asset. The reason the fed uses it as an asset is because they want to boost their numbers to make the economy look better.
We disagree on home ownership under a mortgage. I do no own my home. Yes, there are advantages to having a mortgage but it is not outright ownership. Saying that more Americans "own" their homes than ever before is a numbers game.
Our homes are regularly reassessed by the county taxing authority. When they do this, they value your home based on the new market value and your taxes are raised accordingly. Try again?
The reason the fed uses it as an asset is because they want to boost their numbers to make the economy look better.
I knew the tin foil would come out eventually. My house has doubled in value since I purchased it according to my Realtor. If I sell it tomorrow at twice the price I paid for it I get to keep the equity and the fed would have been correct. Right? The annual aggregate value of real estate has increased in this country every year since before WWII. I think it's pretty safe to say that the equity in a home is real and can be valued as an asset.
Yes, there are advantages to having a mortgage but it is not outright ownership.
Earlier, you said they did not own their home. Now you've had to qualify it by saying they do not own it outright. Nice back peddle.
Saying that more Americans "own" their homes than ever before is a numbers game
So those people would be better off renting? Admit it, those numbers show that the average American is doing damn well in this economy and that fact makes it much harder for you to sell your doom and gloom.