Family net worth plummets 40%By Charles Riley
Jun. 11, 2012
Guardian Front Page: "A 16-Year-Old Migrant Cries..."
FACT CHECK: Hillary Said 90% of Clinton Foundation Donations go to Charity. Actual Number? 5.7%
LOL! Michael Moore Triggered After Trump Shares His 'Biggest F-You in History' Speech!
Homeless Woman Protects Trump's Walk of Fame Star From Violent Leftists
WATCH: Hillary Aide RUSHES to Her Side to Help Her Climb ONE Step!
NEW YORK (CNNMoney) -- The average American family's net worth dropped almost 40% between 2007 and 2010, according to a triennial study released Monday by the Federal Reserve.
The stunning drop in median net worth -- from $126,400 in 2007 to $77,300 in 2010 -- indicates that the recession wiped away 18 years of savings and investment by families.
The Fed study, called the Survey of Consumer Finances, offers details on savings, income, debt, as well as assets and investments owned by American families.
The results, though more than a year old, highlight the marked deterioration in household finances brought on by the financial crisis and ensuing recession.
Much of the drop off in net worth -- to levels not seen since 1992 -- was attributable to a sharp decline in housing values, the Fed said.