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Household wealth down 23% in 2 years – Fed

March 26, 2011 Comments off

money.cnn.com

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By Charles Riley, staff reporterMarch 24, 2011: 4:04 PM ET

NEW YORK (CNNMoney) — The average American family’s household net worth declined 23% between 2007 and 2009, the Federal Reserve said Thursday.

A rare survey of U.S. households, first performed in 2007 but repeated in 2009 in order to gauge the effects of the recession, reveals the median net worth of households fell from $125,000 in 2007 to $96,000 in 2009.

Titled “Surveying the Aftermath of the Storm,” the report offers a broad look at how the financial crisis impacted individual households.

It is widely known that the 2008 financial crisis resulted in the vaporization of trillions Read more…