Net Worth of American Families take big hit, but back we come.
| It seems hard to imagine, but between 2007 and 2010, the average American family saw their net worth drop 40%, according to the Fed’s Survey of Consumer Finances, reported CNN.In those three years, net worth dropped from $126,400 to $77,300, down to levels not seen since 1992. Much of the reason for the drop is blamed on the sharp decline in house prices during the three-year span. The drop in net worth was most seen in the South, where house prices fell further than in the rest of the country.
It seems that Americans are very hard working and determined. The financial debacle was devastating to many. Families adjusted their budgets and worked very long hours to make things work. We seem to have recovered much better than the European families. They are looking for bailouts and programs that tax the productive sectors and redistribute the money to the unproductive sectors. It will work for a short time, and then the productive workers will realize that they are not getting the prize they worked so hard to achieve. It is nice to live in a country where some of the people still work at peak focus and produce great products to sell to the rest of the world. Life is not perfect for anyone, but cheers to the families who are back on track and building their families financial resources.
John DeCosta, Keller Williams Realtors
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