Family net worth plummets 40%By Charles Riley
Jun. 11, 2012
Conservatism Inc. Goes All-In On Cassidy Hutchinson's "Devastating" Testimony
WSJ: Pfizer Trial Found Vaxxed Toddlers 'Were More Likely to Get Severely Ill With Covid'
Russia Declares Donbass Republic 'Fully Liberated'; U.S. Media Begins Walking Back 'Rosy' Coverage of Ukraine
San Francisco: School Board Votes to End Lowell High School's 'Anti-Racist' Lottery-Based Admission System After Grades Collapse
Nearly Half of Murders Now Go Unsolved in America, The Lowest Clearance Rate on Record
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.