US Economy News: Americans Lost Billions In Wealth From $3T Stock Market Wipe Out – By Maggie Valenti (IB Times) / June 10, 2022
The Federal Reserve released data Thursday which showed Americans lost nearly $500 billion in household wealth for Q1 2022, marking the first time this has happened since the start of the COVID-19 Pandemic.
While Fed data showed household balance sheets did still rise $39 trillion above pre-pandemic levels, the overall fall was because of a stock market wipeout of $3 trillion and a rise in real estate value by $1.7 trillion. Specifically, household and non-profit wealth fell by over $500 billion, from $149.8 trillion to $149.3 trillion.
Household debt also increased at an annual rate of 8.3% to $18.3 trillion, something Forbes noted is the fastest pace of household debt growth since the Great Recession. Mortgage debt, excluding charge-offs, rose by an annual rate of 8.6%.
