BREAKING: US household equity exposure now accounts for a record 39.9% of household net worth. This figure has surged +12.6 percentage points since the 2022 bear market. Over the same period, owners’ equity in residential real estate as a % of household net worth has declined -3.5 percentage points, to 19.3%, its lowest proportion since Q2 2021. This metric measures the market value of homes minus outstanding mortgage and home loan debt held by households, as a % of total household net worth. As a result, the gap between equity exposure and real estate exposure has risen to a record 20.6 percentage points. To put this into perspective, real estate exposure peaked at 24.1% in Q3 2005, during the housing boom, and was 1.0 percentage point above equity exposure. Household wealth has never been this skewed toward equities.