[HN Gopher] U.S. household wealth suffers record drop in second ...
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       U.S. household wealth suffers record drop in second quarter
        
       Author : almog
       Score  : 18 points
       Date   : 2022-09-09 19:36 UTC (3 hours ago)
        
 (HTM) web link (www.reuters.com)
 (TXT) w3m dump (www.reuters.com)
        
       | kiba wrote:
       | It is problematic that household wealth is stored in housing,
       | creating bad incentive that exabacate inequality and accelerating
       | climate change and just making us a poorer society.
        
         | mdcds wrote:
         | can you share your logic?
         | 
         | claims that housing being valuable leads to "bad incentives",
         | bigger inequality, and overall poorer society aren't obviously
         | true to me.
        
         | dragontamer wrote:
         | Seems to be a different issue than what's being discussed here?
         | 
         | Housing prices didn't fall last quarter.
        
           | injvstice wrote:
           | Someone just had a soapbox moment.
           | 
           | Anyway, from my personal experience, my personal wealth rate
           | of change was definitely negatively affected by the housing
           | market, due to increase in valuations, which turned into a
           | significant increase in real estate taxes.
           | 
           | I live in one of those places (Austin) where my house
           | valuation jumped by 120% YoY.
        
       | jschveibinz wrote:
       | It's the effect of the stock market losses. From the article:
       | 
       |  _"...a bear market in stocks far outweighed further gains in
       | real estate values, a Federal Reserve report showed on Friday._
        
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       (page generated 2022-09-09 23:02 UTC)