Fed: Average Household Lost $21K in 3rd Quarter

NEWSMAX:  …Meanwhile, two straight quarterly declines in household net worth have cost U.S. families a combined $2.55 trillion, according to the New York Post report. Household net worth is considered to be the value of homes, bank accounts and stocks less mortgages, credit cards and other debt.

The overall net worth of households declined from $511,224 at the start of 2011 to just $498,751 as of Sept. 30.

The decline follows an average increase of $9,757 per household between January and March that was offset slightly by a $912 decline in the second quarter…   (more)

EDITOR:   Apparently by “average household” they mean “medium”, that is half of the families have more and half of the families have less.