Report shows carnage downturn caused to families' net worth

WASHINGTON (Reuters) - Americans suffered a record decline in wealth between 2007 and 2010

Americans suffered a record decline in wealth between 2007 and 2010 as home values tumbled, according to a Federal Reserve report on Monday that underscored the severity of the recent recession. The median ...

WASHINGTON (Reuters) - Americans suffered a record decline in wealth between 2007 and 2010 as home values tumbled, according to a Federal Reserve report on Monday that underscored the severity of the recent recession.

WASHINGTON (Reuters) - Americans suffered a record decline in wealth between 2007 and 2010 as home values tumbled, according to a Federal Reserve report on Monday that underscored the severity of the recent recession.

Americans suffered a record decline in wealth between 2007 and 2010 as home values tumbled, according to a Federal Reserve report on Monday that underscored the severity of the recent recession.

Household wealth in the U.S. climbed in the fourth quarter to the highest level in five years, propelled by a gain in home prices that is helping repair family finances. Net worth for households and non-profit groups increased by US$1.17 trillion from October through December, or 1.8% from the previous three months, to US$66.1 trillion, the Federal Reserve said Thursday from Washington in its flow of funds report. It was the highest since the fourth quarter of 2007.

The net worth of the median American family fell to $77,300 in 2010, down nearly 40% from 2007 after adjusting for inflation, the Federal Reserve reports.WASHINGTON — The typical American family lost nearly 40% of its wealth from 2007 to 2010 as the Great Recession reduced household net worth to a level not seen since the early 1990s.

The recession hit the middle-class the hardest with net worth dropping 40.4% for some families between 2007 and 2010.