|
Family net worth plummets 40%By Charles RileyCNN Money Jun. 11, 2012 |
Popular 
Ben Shapiro Pushes Noahide Laws at TPUSA Event, Throws a Fit Over Being Quoted Word-For-Word
ADL, Jewish Groups Lobby California to Classify Jews as a Race, 'Not Just a Faith'
From Aid to Dependency: Israeli Agent Reveals the Real Goal of 'Merging' U.S. and Israeli Militaries
House Passes NDAA With Section 219 Aimed at 'Merging' U.S. and Israeli Militaries
Netanyahu Confirms Plan to 'Merge' U.S. and Israeli Militaries
|
  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. Read More |
