RMAX - Household net worth rises to record as home prices climb

Household net worth rose by $2.4T in Q3 to a record $144.7B, bolstered by booming real estate values, the Federal Reserve said in its Financial Accounts of the U.S. report. That represents a 2.36% increase in net worth, at an annual rate, during the quarter. The value of real estate held by households rose by ~$1.4T, mostly on the gains in home prices. The value of directly and indirectly held corporate equities fell by $0.3T, tracking the decline in stock prices. Following a year of solid growth, household net worth stands at $27.8T above its level at year-end 2019. Household debt increased at an annual pace of 6.2%, as both home mortgages and consumer credit grew rapidly, the Fed said. Home mortgages grew by 7.8% and nonmortgage consumer credit rose by 5.3%, with credit cards, auto loans, and student debt all rising. Most credit card stocks are rising in afternoon

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Household net worth rises to record as home prices climb