Household Wealth Climbs to $1.2 Trillion

Category: Money

Household Wealth Climbs to $1.2 Trillion

Written on December 12, 2010 by Japhet Writ

Americans got richer in the third quarter even as home values hit the skids after more than a year of increases. According to the Federal Reserve's Flow of Funds report, net worth for households and individuals climbed $1.2 trillion.

Although home values hit the skids, net worth for households and individuals climbed to $1.2 Trillion, or 2%, in the third quarter. The growth returned with the help of higher stock values, and with the S&P rising to 11% after its 12% downfall in the second quarter. The corporate equities also jumped to $939 Billion, while mutual fund shares gained $378 Billion. Meanwhile, liabilities fell at $7.6 Billion in the third quarter, in line to a $64 Billion drop in home mortgages due to $22 Billion gain in consumer credit.