What housing recovery?
Shari Olefson, author of "Foreclosure Nation," and Tanya Marchiol, CEO of Team Investments, discuss the decline in recent housing data and what it indicates about the recovery.
How strong the economic recovery has been since the Great Recession ended in 2009 probably depends on viewpoint.
For those in the top 5 percent, the recovery has been pretty good.
As for the other 95 percent, well ... maybe not so much.
Post-financial crisis wealth disparity has been well-chronicled.
Federal Reserve Gov. Sarah B. Raskin drew widespread attention with this speech in April that showed how poorly the lower income levels have fared during the recovery, particularly because those demographics have their wealth concentrated in housing and are hit far more severely by falling prices.
The unemployed in lower-income groups also take a hit because they have a more difficult time finding jobs that pay at a rate commensurate with the positions they lost.
(Read more: Jobless picture is worse than you think: Gallup)
Finally, history has shown that highly accommodative monetary policy widens income disparity by awarding speculators and penalizing savers. While the S&P 500is up nearly 150 percent since the March 2009 lows, that's most helped those heavily invested in stocks.
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