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   From: senator_biden@fuckedup.com   
      
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   New York (CNN Business)Americans' wealth took a nosedive early   
   this year as the stock market plummeted.   
      
   The net worth of households and nonprofit organizations dropped   
   $0.5 trillion to $149.3 trillion in the first quarter, according   
   to Federal Reserve Bank data released Thursday. That's a notable   
   turnaround from the robust gains in wealth that began in mid-   
   2020, fueled by skyrocketing prices of homes and equities.   
      
   The first-quarter decline reflects the swoon in the stock market   
   earlier this year, which slashed $3 trillion from the value of   
   directly and indirectly held corporate equities. The total value   
   of these holdings was $46.3 trillion in the first quarter,   
   making it one of households' largest assets.   
      
   The Dow and the S&P 500 each dropped nearly 5% in the first   
   three months, while the Nasdaq plummeted nearly 9%. It was the   
   worst quarterly performance for the markets since the first   
   quarter of 2020 when the Covid-19 pandemic upended the US   
   economy.   
      
   Weighing on the market this year have been Russia's invasion of   
   Ukraine, surging oil prices, soaring inflation, interest rate   
   hikes by the Federal Reserve and continued concern about the   
   Covid-19 pandemic.   
      
   But the decline in equities was partially offset by a $1.7   
   trillion increase in the value of real estate and a continued   
   high rate of personal saving, the Fed said. Households and   
   nonprofits held $44.1 trillion in real estate assets.   
      
   The ratio of household net worth to disposable income remained   
   near its record high and continues to be far above its pre-   
   pandemic level in 2019.   
      
   Meanwhile, household debt grew at an annual pace of 8.3%,   
   reflecting strong growth in both home mortgages and consumer   
   credit, the Fed said.   
      
   The continued rise in home prices prompted an 8.6% increase in   
   mortgage debt. Americans also borrowed more on their credit   
   cards and took out more auto loans, leading consumer credit to   
   jump 8.7%.   
      
   https://www.cnn.com/2022/06/09/economy/americans-wealth-stock-   
   market-housing/index.html   
      
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