US net worth grew in 2Q for first time since '07

[one...two...tree 2,762]

By JEANNINE AVERSA, AP Economics Writer

WASHINGTON – Americans' wealth rose this spring for the first time in nearly two years, with stocks and home values gaining as the recession faded.

Still, household net worth remains about 19 percent below its peak in the third quarter of 2007, before the recession began.

The Federal Reserve said net worth grew by $2 trillion to $53.1 trillion in the April-to-June quarter. Net worth, or the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards, rose nearly 4 percent from the first quarter, the Fed said.

Even with the gain, Americans' net worth stands well below the $65.3 trillion peak it reached two years ago. The increase in the second quarter was led by stock portfolios, according to the Fed report. The value of Americans' stock holdings rose 21.6 percent from the first quarter, the first increase in two years.

Net worth also was boosted slightly by higher home prices. The value of real-estate holdings rose 1.8 percent, according to the Fed report. That was the first gain since the final quarter of 2006.

This week, Fed Chairman Ben Bernanke said the worst recession since the 1930s probably is over. Most analysts say the U.S. economy is growing in the current quarter, which ends Sept. 30, at an annual rate of 3 to 4 percent. The economy shrank at a 1 percent pace in the second quarter, much slower than in previous quarters.

Bernanke warned that the pace of recovery probably won't be brisk enough to generate solid job growth and keep the unemployment rate — now at a 26-year high of 9.7 percent — from rising.

Collectively, homeowners had 43.1 percent equity in their homes in the second quarter, according to the Fed report. That was up only slightly from a record low of 41.9 percent in the first quarter.

The report showed that total household debt — including mortgages, credit cards, autos and other consumer loans — stood at $13.7 trillion in the second quarter. That's down slightly from $13.8 trillion in the first three months of this year. It suggests that households are trimming debt, but doing so slowly.

Debt peaked at $13.9 trillion in the spring of last year.

http://news.yahoo.com/s/ap/20090917/ap_on_bi_ge/us_net_worth

[mawilson 2,133]

WASHINGTON – Americans' wealth rose this spring for the first time in nearly two years, with stocks and home values gaining as the recession faded.

Mostly stocks. No surprise there.

[zqt3344 21]

you watch all the ovomit lovers are going to come out and say see there the messiah did it he saved you and me and now the economy is out of recession. Well rest assured we are not out of a recession yet and that means even Berenake of FED Bank saying that is clueless, yeah he is clueless and coming from the same guy that got us into this financial mess that helped along this recession does not mean much, like he would know, the guy is incompetent and Ovomit should not have reappointed him. Boo on Ovomit!

WASHINGTON – Americans' wealth rose this spring for the first time in nearly two years, with stocks and home values gaining as the recession faded.

Mostly stocks. No surprise there.

[one...two...tree 2,762]

you watch all the ovomit lovers are going to come out and say see there the messiah did it he saved you and me and now the economy is out of recession. Well rest assured we are not out of a recession yet and that means even Berenake of FED Bank saying that is clueless, yeah he is clueless and coming from the same guy that got us into this financial mess that helped along this recession does not mean much, like he would know, the guy is incompetent and Ovomit should not have reappointed him. Boo on Ovomit!

WASHINGTON – Americans' wealth rose this spring for the first time in nearly two years, with stocks and home values gaining as the recession faded.

Mostly stocks. No surprise there.

Do you owe more for your house than its worth?

[Heracles 417]

[Mr. Big Dog 10,747]

you watch all the ovomit lovers are going to come out and say see there the messiah did it he saved you and me and now the economy is out of recession. Well rest assured we are not out of a recession yet and that means even Berenake of FED Bank saying that is clueless, yeah he is clueless and coming from the same guy that got us into this financial mess that helped along this recession does not mean much, like he would know, the guy is incompetent and Ovomit should not have reappointed him. Boo on Ovomit!

WASHINGTON – Americans' wealth rose this spring for the first time in nearly two years, with stocks and home values gaining as the recession faded.

Mostly stocks. No surprise there.

Thank you for confirming yet again, Sarah, that you know nothing.

[mawilson 2,133]

Well rest assured we are not out of a recession yet

What if we are? How will you live with yourself knowing that it was O who fixed it?

[one...two...tree 2,762]

Well rest assured we are not out of a recession yet

What if we are? How will you live with yourself knowing that it was O who fixed it?

Maybe then he'll switch from bold to regular text.

[mawilson 2,133]

Well rest assured we are not out of a recession yet

What if we are? How will you live with yourself knowing that it was O who fixed it?

Maybe then he'll switch from bold to regular text.

Oh no, we wouldn't want that - I hope we plunge into a double-dip recession!

[one...two...tree 2,762]

Well rest assured we are not out of a recession yet

What if we are? How will you live with yourself knowing that it was O who fixed it?

Maybe then he'll switch from bold to regular text.

Oh no, we wouldn't want that - I hope we plunge into a double-dip recession!

I can only imagine the size and thickness of his text when that happens.

[Mr. Big Dog 10,747]

Well rest assured we are not out of a recession yet

What if we are? How will you live with yourself knowing that it was O who fixed it?

Maybe then he'll switch from bold to regular text.

Oh no, we wouldn't want that - I hope we plunge into a double-dip recession!

Save the bold.