The ballooning value of property in America is exacerbating the gap between the haves and have-nots. As Fannie Mae CEO Priscilla Almodovar said late last year, U.S. housing is facing a major dichotomy. “It’s a tale of two markets,” she told MarketWatch in an interview at the Mortgage Bankers Association’s annual conference. “Homeowners are in good shape because they probably have a lot of equity in their homes.” Meanwhile, those who aren’t yet owners are clamoring to break into an exceedingly expensive housing market with mortgage rates not seen in...