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VOL. 128 | NO. 106 | Friday, May 31, 2013

Average US Household Far From Regaining its Wealth

CHRISTOPHER S. RUGABER | AP Economics Writer

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WASHINGTON (AP) — The average U.S. household has a long way to go to recover the wealth it lost to the recession, a report by the Federal Reserve Bank of St. Louis concludes.

The typical household has regained less than half its lost wealth, the analysis says. That's far below the estimate in a Federal Reserve report in March that calculated that Americans as a whole had regained 91 percent of their losses.

Household wealth plunged $16 trillion from the third quarter of 2007 through the first quarter of 2009. By the final three months of 2012, American households as a group had regained $14.7 billion.

Yet once those figures are adjusted for inflation and population growth, the average household has recovered only 45 percent of its wealth, the St. Louis Fed concludes.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 73 114 11,552
MORTGAGES 100 142 15,121
FORECLOSURE NOTICES 47 47 2,958
BUILDING PERMITS 198 392 27,646
BANKRUPTCIES 60 128 11,090
BUSINESS LICENSES 19 37 4,075
UTILITY CONNECTIONS 120 323 16,809
MARRIAGE LICENSES 21 43 3,507

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