U.S. Houshold Net Worth Jumps….
Posted By thestatedtruth.com on June 7, 2012
It sounds like things are really rolling, but are they really?
Since reaching a five-year low of $51.3 trillion in the first quarter of 2009, net worth has improved by $11.6 trillion. That leaves it $4.6 trillion below the record high of $67.5 trillion reached in the quarter ended September 2007, three months before the recession began.
This from Bloomberg…
Household wealth in the U.S. climbed in the first quarter by the most in seven years, bolstered by a jump in stock prices and more stable home values.
Net worth for households and non-profit groups increased by $2.83 trillion from January through March, the biggest gain since the last three months of 2004, to $62.9 trillion, the Federal Reserve said today in its flow of funds report from Washington.
Since reaching a five-year low of $51.3 trillion in the first quarter of 2009, net worth has improved by $11.6 trillion. That leaves it $4.6 trillion below the record high of $67.5 trillion reached in the quarter ended September 2007, three months before the recession began.
Household real estate assets rose by $478.6 billion, the first increase since the second quarter of 2010 and the biggest since the first three months of 2006, today’s report showed.
Owners’ equity as a share of total household real-estate holdings increased to 40.7 percent last quarter from 38.8 percent.
Household debt dropped at a 0.4 percent annual rate last quarter, extending declines that began in the second quarter of 2008, today’s report showed. Mortgage borrowing decreased at a 2.9 percent pace. Other forms of consumer credit, including auto and student loans, increased at a 5.8 percent pace.
Total non-financial debt climbed at a 4.7 percent annual pace last quarter, led by a 12 percent increase by the federal government and a 5.2 percent gain among businesses. State and local government borrowing dropped at a 1.8 percent pace.
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