If our economy is based on 70% of consumer spending, is the house expense such as mortgages included in that 70% spending category?
No reportdoes not include loans backed by real estate, which means home mortgages and home equity lines of credit are not covered.
Answered by Robert K. -
About Home Equity
Home equity is the financial value of a home, minus the amount that is owed for the mortgage. If the mortgage is entirely paid off, then the homeowner's home equity equals the entire market value of the home. If money is still owed on the mortgage, home equity is equal to the market value of the home minus the amount the homeowner still owes on their mortgage.
About Real Estate
Real estate refers to property such as homes, buildings, land and other property that is immovable. The real estate business is one of the largest in the U.S. and bad loans made by irresponsible financial institutions were one of the main causes of the great recession of 2008.
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