Household wealth in the United States fell by its second-fastest pace in history, but was buoyed by a positive performance in real estate, according to a latest report by the U.S. Federal Reserve.
“The net worth of households and nonprofit organizations declined $0.4 trillion to $143.3 trillion in the third quarter. The value of stocks on the household balance sheet declined by $1.9 trillion, while the value of real estate increased by $0.7 trillion,” according to the Financial Accounts of the United States – Z.1 report.
Overall, there has been a net worth decline of around $6.84 trillion in the first three quarters of 2022, which stands in stark contrast with the $18.78 trillion gain in 2021 and the $14.80 trillion growth in 2020….