Home > Uncategorized > Family Net Worth Collapses 40% In Three Years – Business Insider

Family Net Worth Collapses 40% In Three Years – Business Insider

October 12, 2012 Leave a comment Go to comments

Yesterday, the Fed released its latest Survey of Consumer Finances.

The report included a lot of depressing data about the financial situation of average Americans. But nothing was so shocking and depressing as this:

The median net worth of American families dropped nearly 40% from 2007 to 2010.

Wow.

(Yes, the situation has improved in the 18 months since 2010, but only modestly. House prices are about where they were back then.)

Most of this decline came from the collapse of the housing market. But we can’t just write this one off to the housing bubble. The median net worth of households has now fallen to the same level as it was two decades ago, in 1992.

via Family Net Worth Collapses 40% In Three Years – Business Insider.

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