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Net Worth of American Family Falls 40% In 3 Years

Posted By admin On June 11, 2012 @ 12:35 pm In Featured Stories,Tile | Comments Disabled

Ylan Q. Mui
Washington Post [1]
Monday, June 11, 2012

The net worth of the American family has fallen to its lowest level in two decades, according to government data released Monday, driven by a more than 40 percent drop in their stakes in their homes.

The Federal Reserve’s detailed survey of consumer finances showed families’ median wealth plunged from $126,400 in 2007 to $77,300 in 2010 — a 39 percent decline. That put them on par with median wealth in 1992.

The Fed’s data underscore the depth of the wounds of the Great Recession and how far many families remain from healing. The median value of Americans’ debt did not change between 2007 and 2010. Meanwhile, the housing market crash inflicted particularly severe damage, with the Fed showing that the median value of Americans’ equity in their homes plunged 42.3 percent between 2007 and 2010.

The survey is conducted every three years, and this report offers one of the most exhaustive looks to date at the greatest economic upheaval in a generation. Although there have been some signs that the recovery has picked up steam — housing prices have begun to stabilize and unemployment has fallen — Fed economists said those improvements largely do not change the survey results.

Full story here. [1]

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URLs in this post:

[1] Washington Post: http://www.washingtonpost.com/business/economy/fed-americans-wealth-dropped-40-percent/2012/06/11/gJQAlIsCVV_story.html

[2] 35 Statistics That Show The Average American Family Has Been Broke Down, Tore Down, Beat Down, Busted And Disgusted By This Economy: http://www.prisonplanet.com/35-statistics-that-show-the-average-american-family-has-been-broke-down-tore-down-beat-down-busted-and-disgusted-by-this-economy.html

[3] 17 Facts That Prove That The Average American Family Is Getting Absolutely Pulverized By This Economy: http://www.prisonplanet.com/17-facts-that-prove-that-the-average-american-family-is-getting-absolutely-pulverized-by-this-economy.html

[4] The New Retirement Normal: The Average American Must Work For Two Extra Years After Death: http://www.prisonplanet.com/the-new-retirement-normal-the-average-american-must-work-for-two-extra-years-after-death.html

[5] Things Are Getting Worse: Median Household Income Has Fallen 4 Years In A Row: http://www.prisonplanet.com/things-are-getting-worse-median-household-income-has-fallen-4-years-in-a-row.html

[6] Vaporized: Americans’ Wealth Collapses 40% Over Last Three Years: http://www.prisonplanet.com/vaporized-americans%e2%80%99-wealth-collapses-40-over-last-three-years.html

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