American Families’ Net Worth Drops
June 12th, 2012
OriginationNews tells MHProNews.com primarily as the result of lost home equity, the median net worth of American families plummeted from $126,400 in 2007 to $77,300 in 2010, a drop of 38.8 percent in just three years. According to the Federal Reserve’s Survey of Consumer Finances in 2010, three-fourths of the loss was the fall in home equity. For the same period, average net worth dropped 14.7 percent, to $498,800 from $584,600. The previous three-year period, 2004-2007, median net worth increased 17.9 percent, while average net worth rose 13.1 percent. Median income fell less than net worth 2007-2010, dropping from $49,600 to $45,800, while average income fell from $88,300 to $78,500 during the same period.
(Graphic credit: HousingWire)
The News at Noon Podcast is produced by The MHMSM.com News Team
Eric Miller - Industry in Focus Reporter | Matthew Silver - Reporter at Large
Joe Geller - IT and WebTech | Soheyla Kovach - Support Services
L.A. 'Tony' Kovach - Publisher, Editor and Marketing Director. To submit a news tip, please click here: iReportMHNewsTips@MHMSM.com
Eric Miller - Industry in Focus Reporter | Matthew Silver - Reporter at Large
Joe Geller - IT and WebTech | Soheyla Kovach - Support Services
L.A. 'Tony' Kovach - Publisher, Editor and Marketing Director. To submit a news tip, please click here: iReportMHNewsTips@MHMSM.com
_20130516164728.gif)
