Consumer balance sheets post 2008 - bubble driven?

Help will come to the US economy when balance sheets for consumers are improved. It is happening but it slow and takes time. The market value of household real estate has improved by about 4.5% in the last side months. The market value is about  $19.1 trillion, still off from highs of about $25 trillion but it does hose signs of stability. The housing problem is now becoming more localized as opposed to nationwide problem. This is assuming that the hidden foreclosure problem is not as bias thought by some. Owner's equity as a percentage of the market value is also improving. This is the true measure of housing wealth. Real estate and stock represent about the same percentage of household assets, 25%. Generally, housing has been a higher percentage except foe the period surrounding the tech bubble, in 2008. This means that any change in the stock market will have an increasingly higher impact on consumer balance sheets. Overall the balance sheet of US households is less than 10% below the highs in 2007.

The issue for household wealth is how this improvement comes about. If the process is a function of the central bank creating a financial bubble, we have a problem. If this wealth is caused by strong economic growth, we have positive feedback loop for sustained recovery. Unfortunately, the bubble story may hold more water.