Dr. Mark Cassidy:

It relates primarily to home ownership. The graph tracks very closely with household prices. Over the past ten years, house prices have been increasing, while over the five years before that, they collapsed dramatically. House prices are only now back to where they were in 2008. Household wealth is determined much more than anything else by the value of a house, and in the case of people who own their own house, their wealth will increase when the value of that house increases. That is what we are seeing to a greater extent than anything else.