2012-06-11cnn.com

But... but... the stock market is back up almost to all time highs!

The average American family's net worth dropped almost 40% between 2007 and 2010, according to a triennial study released Monday by the Federal Reserve. The stunning drop in median net worth -- from $126,400 in 2007 to $77,300 in 2010 -- indicates that the recession wiped away 18 years of savings and investment by families.

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Making matters worse, income levels also fell during the tumultuous three-year period, with median pre-tax income falling 7.7% as earnings from capital gains all but disappeared.

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The report also indicated that families with more assets at the start of the recession were able to retain more of their net worth than less fortunate families.


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