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American households lost $1.33 trillion of their wealth in the first quarter of the year as the recession took a bite out of stock portfolios andhome prices.
The Fed. reported Thursday that household net worth fell to $50 trillion in the January-March quarter, the lowest level since the third quarter of 2004. The first-quarter figure marked a decline of 2.6 percent, or $1.33 trillion, from the final quarter of 2008.
The damage to wealth in the first quarter came from the falling markets. The value of Americans' stock holdings dropped nearly 6% from the final quarter of last year.
Fortunately the market results have been a bit better so far this quarter though home values and inflation are worse.
Slàinte,
Patch
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Americans Lost $1.33 Trillion In First Quarter
