Recession took big toll on family wealth

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WASHINGTON, June 11 (UPI) -- The typical American family lost nearly 40 percent of its wealth during the recession, the Federal Reserve said in a report Monday.

The report shows the median family net worth plummeted from $126,400 to $77,300 from 2007 to 2010, when adjusted for inflation, the Los Angeles Times reported.

The Fed said while the pain was widespread, the biggest impact was felt by families headed by people ages 35-44. Those families saw their wealth deteriorate by 54 percent to a median $42,100.

The Times said Fed data show Americans' net worth has been on the rebound since 2010 but remains below prerecession highs.

Median family income dropped to $45,800 in 2010 from $49,600 in 2007 and $49,800 in 2004, after adjusting for inflation, the Fed report said.