Survey of Consumer Finance shows devastating numbers from recession
As if we needed it, there is more evidence on just how damaging the recession was.
The Federal Reserve released its Survey of Consumer Finance, a report that comes out every three years.
It shows that from 2007 to 2010, the average American family saw its net worth drop from more than $126,000 to just above $77,000.
Economists said that falling home values are to blame.
"What houses are worth right now is down to the level of the 90's, which means we have gone nowhere really fast for the last 20 years. That is a frown face. These are just statics really take it with a grain of salt," said Jeff Macke, the Co-host of Breakout, Yahoo! Finance.
There is one bright spot. Oil prices are dropping due to the global economic uncertainty.