Crashes for stocks, housing wipe out 3-year gains in wealth

02/13/2009 | NYTimes.com

Last year's stock market and housing collapses wiped out the gains Americans had made in median net worth the previous three years, according to a newly released consumer finance survey. Household net worth increased 17% between 2004 and 2007. However, at the end of October 2008, net worth was 3.2% less than the end of 2004.

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