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Post by posting on Jun 5, 2014 13:18:03 GMT -5
Household net worth climbed $1.5 trillion in first quarter Posted:Thu, 05 Jun 2014 16:00:12 GMT WASHINGTON (MarketWatch) - Thanks to rising house prices and a growing stock market, U.S. households and nonprofits added $1.5 trillion in net worth in the first quarter, according to Federal Reserve data released Thursday. The gain in net worth to $81.76 trillion was driven by a $758 billion increase in the value of residential real estate and a $361 billion rise in corporate equities. Debt outside the financial sector rose at a seasonally adjusted rate of 5% in the first quarter, a slight deceleration from 5.2% in the fourth quarter of 2013. Household debt grew 2%, as the 6.6% gain in consumer credit like car and student loans offset the 0.9% drop in mortgage debt. After four quarters of increases, companies began to deploy the cash on their balance sheet, which fell to $1.85 trillion from $1.94 trillion in the fourth quarter.
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