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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 This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 81 277 20,909
MORTGAGES 85 329 24,074
FORECLOSURE NOTICES 9 48 3,095
BUILDING PERMITS 219 672 43,265
BANKRUPTCIES 64 238 13,418
BUSINESS LICENSES 0 56 6,678
UTILITY CONNECTIONS 12 94 7,883
MARRIAGE LICENSES 0 59 4,702