Wealthy Americans profiting more off housing recovery than middle class

The housing collapse disproportionately impacted middle- to lower-income Americans, but left many wealthy Americans largely unscathed.

Now, well-heeled Americans are benefiting more from the housing recovery than their moderate-income counterparts, The New York Times reports.

In fact, it was the hardship of many poorer Americans — specifically, those who lost their homes to foreclosure — that set up cash buyers to profit by flipping distressed properties, according to The Times.

Source: The New York Times