U.S. household wealth increased $1.08 trillion in Q2Staff Writer | September 16, 2016
Household wealth in the U.S. accelerated in the second quarter, boosted by higher financial assets and rising real-estate values, according to the Federal Reserve in Washington.
America Value of financial assets increased by $715 billion
Value of financial assets, including stocks and pension fund holdings, increased by $715 billion.
Household real-estate assets in net worth climbed by $416.7 billion; owner’s equity as a share of total real-estate holdings increased to 57.1 percent from 56.6 percent.
Household debt increased at a 4.4 percent annual rate last quarter, the most in two years. Mortgage borrowing rose at a 2.5 percent pace; other forms of consumer credit, including auto and student loans, climbed at a 6.4 percent rate, the most since the third quarter of 2015.
Total non-financial debt rose at a 4.4 percent annual pace. Federal government obligations increased 5 percent, state and local government debt advanced at a 2.2 percent pace, business borrowing rose 4.1 percent. ■