Post by bot on Sept 26, 2013 19:39:08 GMT -5
Household wealth climbs as debt inches higher
WASHINGTON (MarketWatch) - Household wealth climbed in the second quarter while household debt barely budged, continuing a see-saw pattern as outstanding mortgage obligations declined while auto and student debt mounted, according to data released Wednesday. Household net worth grew by $1.3 trillion, or 1.8%, to $74.82 trillion, owing to gains in prices that boosted house values by about $525 million as well as a boost of nearly $300 billion from gains in the stock market and mutual funds. Household debt meanwhile rose a seasonally adjusted annual rate of 0.2% in the second quarter, the Federal Reserve said. Corporate stockpiles of cash went fractionally down to $1.8 trillion.
WASHINGTON (MarketWatch) - Household wealth climbed in the second quarter while household debt barely budged, continuing a see-saw pattern as outstanding mortgage obligations declined while auto and student debt mounted, according to data released Wednesday. Household net worth grew by $1.3 trillion, or 1.8%, to $74.82 trillion, owing to gains in prices that boosted house values by about $525 million as well as a boost of nearly $300 billion from gains in the stock market and mutual funds. Household debt meanwhile rose a seasonally adjusted annual rate of 0.2% in the second quarter, the Federal Reserve said. Corporate stockpiles of cash went fractionally down to $1.8 trillion.
