New York Post
Friday, December 9, 2011
The average US household lost $21,261 of net worth this summer, the largest decline in family wealth in nearly three years.
The drop in the third quarter, tied to falling home values and a cratering stock market, is the second straight quarter of eroding wealth, according to the Federal Reserve’s quarterly report, released Thursday.
Prior to the back-to-back quarterly declines in household net worth, which wiped out $2.55 trillion from families’ ledgers, Main Street experienced three straight quarters of growth, the report said.
This article was posted: Friday, December 9, 2011 at 9:01 am