America's Net Worth Tanked After Recession

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A Federal Reserve survey revealed the average American family's net worth took a nose dive because of the recession.

New government data indicated the median net worth went from about $126,000 in 2007 to $77,000 in 2010.

The recession officially began in December 2007 and ended in June 2009. But the latest numbers put family finances back to what they were in 1992.

Net worth takes into account the value of assets like homes, bank accounts and stocks, minus debts like mortgages and credit cards.

Analysts said the net worth decline is another sign of the ongoing impact of the Great Recession, even after it has ended.

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