Thursday, March 06, 2008

Americans poorer than a year ago

Despite the slowing in mortgage debt, households' equity in their homes fell for the third straight quarter, dropping by $286 billion, or an 11% annual rate.

Household equity fell to a record low 47.9% of home values. Over the past three quarters, the bank or lender owned more of the average house than the "homeowner" did -- the first time this has happened.

Total household assets fell by an annualized $308 billion to stand at $72.1 trillion, while liabilities rose $226 billion to $14.4 trillion.


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