A Story and report released this week that has gotten little to no attention and buried under the headlines of the United Nations, NFL, Hurricanes and North Korea it should not be overlooked.
Household wealth in America reached a record high of $1.7 trillion in the second quarter of 2017 due to gains in financial assets and rising property values, according to a Federal Reserve report released this week.
A booming Stock Market also enabled American companies to invest more of their Money. Companies had nearly $2.3 trillion in liquid assets that could be put toward investment, according to the Federal Reserve report.
Most of the increase in household wealth reflects the steady increase in home prices, which jumped up 5.7 percent in June from 2016, Bloomberg Markets reported.
As households increased their assets, borrowing rates for mortgages and other consumer loans also increased.
Mortgage borrowing jumped up 2.8 percent while other consumer loans such as car and student loans increased by 4.6 percent.
The increase in mortgage borrowing is especially prevalent among first-time home buyers who can obtain money from friends or Family to help with the down payment.