Net Worth Of American Family Falls 40% In 3 Years?
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.
Read More: http://patdollard.com/2012/06/net-worth-of-america...
Top Opinion
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Emory2016 2012/06/12 05:14:11
between the fall in the Value of our homes ..
the loss of our Retirement Accounts/Investments too ..
the increases in prices of every good/services that we use ..
as well as the increases in the TAX Bills ..
sigh ..
yep .. believable indeed ..