A dramatic increase in home prices fueled the biggest spike in household debt since the Great Recession.
Dragged down by the stock market's worst quarter since the Covid-induced recession two years ago, the combined net worth of U.S. households tumbled by $544 billion in the first quarter, ending a streak of record highs as Americans face plunging equity valuations—and load up on debt.... [+]Though up about 9% year over year, the net worth of households in the United States fell to about $149.
Meanwhile,"robust gains" in housing prices helped drive up real estate values by $1.6 trillion, but also fueled mortgage debt, which grew by an outsized 8.6% in the quarter.since the Great Recession, with rapid growth in credit card borrowing and automobile loans pushing consumer credit up 8.7%.
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