Household Wealth Down Most Since 2008


USA Today reports that Americans' household net worth has declined more this past quarter than any time since 2008.  They go on to explain:

Americans' wealth last summer suffered its biggest quarterly loss in more than two years as stocks, pension funds and home values lost value.

And:

Stock-market declines, in particular, have held back Americans' quest to recover losses from the 2008 financial meltdown. The Standard & Poor's 500 stock index tumbled about 14 percent in the July-September period, ending a streak of four quarterly increases. The decline was driven by worries about Europe's debt crisis and the U.S. economy.

And:

Home prices remain under pressure, diminishing home equity. Home equity is the biggest source of wealth for most Americans. Last quarter, home values slipped 0.6 percent. Total values fell to $16.1trillion, down from nearly $21trillion in 2007, before the recession began. 

Read more: http://www.usatoday.com/USCP/PNI/MONEY/2011-12-09-BCUSNet-Worth3rd-LdWritethru_ST_U.htm

Advertisements

About rereno

Real estate investor
This entry was posted in America, Economy, Money and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s