U.S. family net worth down since 2007: Fed

Reuters on Yahoo ^ | 2/12/09 | Mark Felsenthal

[NormsRevenge]

WASHINGTON (Reuters) – The collapse of U.S. housing and stock prices have likely pushed household net worth down by more than 20 percent in the past year, the Federal Reserve said on Thursday.

A Fed study of U.S. family finances estimates median family net worth fell by 17.8 percent while mean net worth declined by 22.7 percent.

The mean is the average, and the median is the middle value in a series of numbers.

Relative to 2004, median net worth slipped by 3.2 percent while mean net worth tumbled 12.7 percent.

The data was released as part of a Fed survey of household income and worth from 2004-2007.

[NormsRevenge]

Anyone noticing a pattern here?

Socialism sucks the life out of its host

and fails miserably everywhere it is tried.

[edcoil]

Guess it depends, most high worth investors got out early, according to the President of the Stock Exchange, there is something like 7 Trillion in cash just waiting to get in.

My guess is the average joe that cannot get his 401K out and have credit card companies changing rates from 9 to 24% are the worst hit.

[ncpatriot]

ever since the dems took control of congress

[SuziQ]

I’m thinking net worth went down because most families’ largest investment, their HOMES, lost value last year.

[freekitty]

Thanks Obama, Pelosi and the rest of the group of alieinate America crowd.