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Average US Family Lost $21K in 6 Months Due To Property Values, Stock Market

New York Post [1]
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.

Full story here. [1]