The wealth of US households fell at a record pace in the last quarter of 2008, as drops in home values and stock prices accelerated, Bloomberg reports. Net worth for households and non-profits fell $5.1 trillion to $51.5 trillion, nearly twice the decline between the second and third quarters. The current net value of household wealth is at the lowest level in 4 years.
Since hitting a peak value of $64.4 trillion five quarters ago, household wealth has fallen steadily for a combined drop of $12.8 trillion, figures from the Federal Reserve showed. That’s almost as big as US GDP in 2008, which was $14.2 trillion.