A hypothetical family richer than half the nation’s families
and poorer than the other half had a net worth of $77,300 in 2010, compared
with $126,400 in 2007, the Fed said. The crash of housing prices directly
accounted for three-quarters of the loss, according to the NY Times.
Families’ income also continued to decline, a trend that
predated the crisis but accelerated over the same period. Median family income
fell to $45,800 in 2010 from $49,600 in 2007. All figures were adjusted for
inflation. The new data comes from the
Fed’s much-anticipated release on Monday of its Survey of Consumer Finances, a
report issued every three years that is one of the broadest and deepest sources
of information about the financial health of American families.…
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