Household wealth rises, driven by stock market rally
By Lauren McNitt
ProWEB Wire (Industry News)
Household wealth had its biggest gain in a year for the October-December quarter, the Federal Reserve reported Thursday.
Americans’ wealth increased 2.1 percent to $58.5 trillion, driven by an end-of-year stock market rally that has continued into 2012. The S&P 500 index has risen 24 percent since October.
Despite these positive signs, home values continue to fall. Home values dropped 1.3 percent over the quarter to about $16 trillion, and the value of the overall housing market remains 24 percent below its pre-recession level.