U.S. household wealth rises to record; Phoenix prices nearly 30% below their peaks

a-firm-rebound-in-house-prices-in-most-areas-of-the-country-helped-boost-household-wealth-in-the-u-s-to-a-record-high-in-the-second-quarter-photo-reuters

Higher home prices and rising stock market help send total net worth to $89.1 trillion

By Josh Zumbrun | The Wall Street Journal

U.S. households collectively reached a record net worth of $89.1 trillion in the second quarter, but behind that improvement were a wide range of outcomes for households digging out of an economic downturn over the past decade.

The latest snapshot of American wealth, released Friday by the Federal Reserve, marked the third straight quarter in which household wealth reached a new high, generally driven by a strong stock market and rising home values. Since the first quarter of this year, wealth in stocks and real-estate equity increased half a trillion dollars each, according to the central bank’s quarterly report measuring the aggregate wealth of U.S. households and nonprofit organizations.

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