Wealth, Debt of U.S. Households Grow(December 9, 2005) -- Household real estate assets rose by $615 billion during the third quarter, according to the Federal Reserve in its quarterly Flow of Funds report.The increase, along with gains of $959.3 billion in financial assets, pushed the net wealth of U.S. households to $51.09 trillion—up from a revised $49.77 trillion during the second quarter. At the same time, however, household debt rose at an annual rate of 11.6 percent—the fastest clip since 1987—to $338 billion. Mortgage debt rose to $8.2 trillion—a gain of about $289.5 billion, according to the central bank.
Source: Los Angeles Times (12/09/05)
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