America's total wealth in Q2 increased even more, thanks to the stronger housing market.  The value of owner-occupied real estate hit $21.5 trillion, up more than $400 billion from Q1 and nearly $4.5 trillion since the low point in 2011, according to the Federal Reserve report on Friday, as reported by CNNMoney. 

However, Americans' housing wealth still remains about $5 trillion below the all-time high hit in 2006.  The said figures don't take into account housing debt.  Most middle Americans' net worth is tied up in their homes.

Deducting out mortgages, American's equity in their homes hit $12.2 trillion in the spring.  It could be considered a nice return from the depths of the housing collapse, but still roughly $3.5 trillion below its 2006 high.

 American's share of equity in their homes regained to 56.3%, up from a low of 37% in 2009. Around most of the early 2000s, American's share of equity was around 60%.

The rise in household wealth can help increase growth by making consumers feel richer and more likely to spend.  Economists estimate that consumer spending rises 3¢ to 5¢ for every dollar increase in wealth.  Household spending drives about two-thirds of the economy, Oregon Live  reported.

The Federal Reserve's statistics are not just adjusted for the growth in population or inflation.  Household wealth, or net worth, reflects the value of homes, stocks, and other assets minus mortgages, credit cards and other debts.

Borrowing is a sign of confidence in the economy making the total mortgage debt grew at the quickest level since the recession ended in 2009.  Overall household debt, including mortgages, student loans, auto loans and credit card debt rose at the fastest pace in a year.

The leap in mortgage lending mirrors the fact that home sales are rising at a solid pace, and that fewer sales are being made to investors and wealthy individuals, who often pay cash for a home.  Sales of existing homes have risen 10% in the past year and have reached pre-recession levels.