o'bamanomics - $21K less per houshold in last 6 months! (NY Post/Fox Money DC)

Average US Family Lost $21K in 6 Months Due To Property Values, Stock Market

Updated: Friday, 09 Dec 2011, 10:21 AM EST, Published : Friday, 09 Dec 2011, 7:26 AM EST By New York Post

     NEW YORK - The average US household lost $21,261 of net worth this summer, the largest decline in family wealth in nearly three years.

     The drop in the third quarter, tied to falling home values and a cratering stock market, is the second straight quarter of eroding wealth, according to the Federal Reserve's quarterly report, released Thursday.

Prior to the back-to-back quarterly declines in household net worth, which wiped out $2.55 trillion from families' ledgers, Main Street experienced three straight quarters of growth, the report said.

     Household net worth is the value of assets like homes, bank accounts and stocks, minus debts like mortgages and credit cards.

     Consumers began this year ahead of the game, with overall net worth of $511,224 per household, which dropped to $498,751 as of Sept. 30 -- after an average $9,757 per household gain in the first three months of the year and a $912 decline in quarter two.

Origin: 
The typical US piggy bank is $21K lighter

By PAUL THARP, New York Post, Fr.9Dec11

http://www.nypost.com/f/print/news/business/the_typical_us_piggy_bank_is_lighter_obCOfHGd6H3BSUFRiWyqLP
Link source:  http://www.myfoxdc.com/dpp/money/average-us-family-lost-21k-in-6-months-due-to-property-values-stock-market-ncxdc-120911

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