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VOL. 42 | NO. 23 | Friday, June 08, 2018
Home equity boosts US household wealth 1 pct. to $100.8T
WASHINGTON (AP) — Increased home prices boosted U.S. household net worth 1 percent in the January-March quarter to crack $100 trillion for the first time.
The Federal Reserve says total home values rose $500 billion, offsetting a decline in stock portfolios of $400 billion. Household wealth rose to $100.8 trillion from $99.7 trillion in last year's October-December quarter. The figure reflects the value of assets like homes, bank accounts and stocks minus debts like mortgages and credit cards. The figures aren't adjusted for inflation or population growth.
Increased wealth could boost consumer spending in coming months. Still, wealth increases aren't widely shared: Roughly 80 percent of the U.S. stock market is owned by 10 percent of the population. And a smaller share of Americans now own homes compared with a decade ago.