Household Worth in U.S. Fell in Second Quarter
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Household wealth in the U.S. fell 2.8 percent in the second quarter as share prices were depressed by the European debt crisis, marking a setback for Americans’ efforts to repair finances battered by the recession.
Net worth for households and non-profit groups declined by $1.5 trillion to $53.5 trillion, according to the Federal Reserve’s Flow of Funds report issued today in Washington. The decline was the first since March 2009. Home values rose because of a tax credit that has since expired.