40% of U.S. Families' Wealth Was Wiped Out by Recession, Fed Says
Tuesday, Jun. 12, 2012
The Great Recession cut the median net worth of American families by almost 40% between 2007 and 2010, according to the Federal Reserve. The massive loss of jobs and the collapse of the housing market slashed the typical family's net worth from $126,400 in 2007 to $77,300 in 2010, the central bank said.
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