New data on Americans’ rising net worth is good news for the economy. Figures from the National Association of Realtors® show household net worth has completely bounced back from the recession and reached a new peak of over $70 trillion in the first quarter of 2013. During the recession, household and non-profit net worth dropped by more than $15 trillion.
So what is fueling the increase? NAR research points to recovering home and stock prices and a reduction in debt as the driving forces. Real estate accounts for $18 trillion of the $83 trillion in household assets, and owner’s equity in household real estate is $9 trillion of the $70 trillion in net worth.
- Looking Good!
Talk to Realtors® for their perspectives on the increase in household net worth. What trends are they seeing that support these findings? For more information on this topic visit NAR’s Economists’ Outlook blog at http://economistsoutlook.blogs.realtor.org/2013/06/12/householdnet-worth/