US housing wealth centred in a few markets

[WASHINGTON] A sizable chunk of America's housing wealth is concentrated in a few markets, and that picture is unlikely to change as the housing recovery unfolds, according to a report released on Wednesday.

The Demand Institute, a non-profit group run by the Conference Board and Nielsen, analysed prices of owner-occupied homes in 2,200 of the largest cities and towns. It found that 10 per cent of communities held 52 per cent of total housing wealth - about US$4.4 trillion.

By contrast, the bottom 40 per cent held 8 per cent of the wealth, or US$700 billion.