Net worth of families drops 40%

American families have a net worth approximately the same today as in 1992. That's a conclusion reached by the Federal Reserve on the affect of the recession on wealth. The grim stats remind us how far we have to go to get back to where we were. Washington Post: The Federal Reserve said the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992. The data represent one of the most detailed looks at how the economic downturn altered the landscape of family finance. Over a span of three years, Americans watched progress that took almost a generation to accumulate evaporate. The promise of retirement built on the inevitable rise of the stock market proved illusory for most. Homeownership, once heralded as a pathway to wealth, became an albatross. The findings underscore the depth of the wounds of the financial crisis and how far many families remain...(Read Full Post)