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	<title>Creative Class &#187; Center for Economic and Policy Research</title>
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		<title>Is the American Dream Kaput?</title>
		<link>http://www.creativeclass.com/_v3/creative_class/2009/03/02/is-american-dream-kaput/</link>
		<comments>http://www.creativeclass.com/_v3/creative_class/2009/03/02/is-american-dream-kaput/#comments</comments>
		<pubDate>Mon, 02 Mar 2009 16:08:20 +0000</pubDate>
		<dc:creator>Richard Florida</dc:creator>
				<category><![CDATA[Housing]]></category>
		<category><![CDATA[American dream]]></category>
		<category><![CDATA[baby boomers]]></category>
		<category><![CDATA[Center for Economic and Policy Research]]></category>
		<category><![CDATA[David Rosnick]]></category>
		<category><![CDATA[Dean Baker]]></category>

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If you had any doubts, check out these nuggets from a new study by David Rosnick and Dean Baker of the Center for Economic and Policy Research (h/t Robert Wuebker). Boomers are really screwed.
So much home equity has been lost that 30% of boomers, aged 45 to 54, are  underwater in their homes, according [...]]]></description>
			<content:encoded><![CDATA[<p><a href="http://www.creativeclass.com/_v3/creative_class/_wordpress/wp-content/uploads/2009/03/americandream.jpg"><img class="show alignnone size-thumbnail wp-image-9059" title="americandream" src="http://www.creativeclass.com/_v3/creative_class/_wordpress/wp-content/uploads/2009/03/americandream-150x150.jpg" alt="" width="150" height="150" /></a></p>
<p>If you had any doubts, check out<a href="http://money.cnn.com/2009/02/25/real_estate/boomer_wealth_evaporating/"> these nuggets</a> from a new study by David Rosnick and Dean Baker of the Center for Economic and Policy Research (h/t Robert Wuebker). Boomers are really screwed.</p>
<blockquote><p>So much home equity has been lost that 30% of boomers, aged 45 to 54, are  underwater in their homes, according to &#8220;The Wealth of the Baby Boom Cohorts  After the Collapse of the Housing Bubble. &#8221; The report, released by D.C.-based  think tank the Center for Economic and Policy Research, also found that 18% of  boomers aged 55 to 64 would owe money at close if they sold their homes.</p>
<p>The CEPR also found that people who were renting homes in 2004 will have more  wealth in 2009 than those who were owners. That&#8217;s true for all five wealth  groups the study analyzed, from the poorest to the wealthiest &#8230;</p>
<p>Boomers between 45 and 54 have lost 45% of their median net worth, leaving  them with just $80,000 in net worth, including home equity, according to the  report. Older boomers have fared marginally better. Those between 55 and 64 have lost  38% of their net worth, leaving them with $140,000. But this group is rapidly  nearing retirement age and they have few working years left to make up the  losses.</p></blockquote>
<p>The full study is<a href="http://www.cepr.net/documents/publications/baby-boomer-wealth-2009-02.pdf"> here.</a></p>

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