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Recession shrank family wealth in the US

Loss of income brings finances to levels of 1990s

By Binyamin Appelbaum

 |  New York Times  

  June 12, 2012

The recent financial crisis left the median U.S. family in 2010 with no more wealth than it had in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve said Monday. The median family, richer than half of the nation’s families and poorer than the other half, had a net worth of $77,300 in 2010, down from $126,400 in 2007, the Fed said. The crash of housing prices explained three-quarters of the loss.

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