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Household net worth rises to $70 trillion for 1Q

June 7, 2013 at 9:37 AM   |   Comments

WASHINGTON, June 7 (UPI) -- The net worth of U.S. households rose by $3 trillion, to $70 trillion at the end of the first quarter, the Federal Reserve reported.

The Fed said the improvement in Americans' net wealth was helped by strength in home prices and the stock market.

Household net wealth -- assets minus liabilities -- has been slowly clawing back since it crashed by $12 trillion in 2008 after reaching $67 trillion a year before, BusinessWeek reported Thursday.

As households improved their financial positioning, the U.S. Treasury issued a net $1.2 trillion in debt, with the Federal Reserve and foreign investors as the main buyers.

Analysts said the household net worth growth was attributable to both an increase in assets and a decline in liabilities, BusinessWeek said.

Some growth in household debt could be considered a "positive sign for the economy" if it isn't too extreme, IHS Global Insight said in a commentary on the Fed report.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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