“Many of them fell behind in their house payments and they were the most frequent households to experience foreclosure (Mian and Sufi, 2009; Gerardi, et. al., 2008). This meant that many of them lost their homes, their equity, and much of their wealth (Wolff, 2012). This was particularly true for African American and Hispanic households (Wolff, 2012; Kuebler and Rugh, 2013). They never recovered because the main asset they had that might accumulate value, their house, was gone.”

“Wealthier households were able to keep up their house payments, hold onto their houses, and as house values have gone up, they have seen their wealth restored. At the top of the wealth distribution, the top 10%, much wealth was also tied up in the stock market.”