Home And Stock Values Boost US Household Wealth
U.S. household net worth jumped $1.3 trillion in the spring, fueled by gains in home and stock values.
The Federal Reserve says net worth rose to $74.8 trillion in the April-June quarter, up 1.8 percent from the first quarter. Home prices and stock markets have risen further since then, suggesting that Americans' net worth is now even higher.
The gains in wealth haven't been evenly distributed. Home ownership has declined since the recession, particularly among lower-income Americans. And the wealthiest 10 percent of households own about 80 percent of stocks.
Americans' wealth bottomed at $57.2 trillion in 2008 during the Great Recession. It's since risen $17.6 trillion.
Household wealth, or net worth, reflects the value of assets like homes, stocks and bank accounts minus debts like mortgages and credit cards. (Associated Press)