Americans’ net worth up for second straight quarter

Americans got wealthier for a second straight quarter in the fall, as the economic recovery again boosted home values and investments. Net worth—the value of assets such as homes, bank accounts and investments, minus debts like mortgages and credit cards—rose 5% from the second quarter to $53.4 trillion, says the Federal Reserve. Even with the gain, Americans’ net worth remains far below the peak of $65.3 trillion reached before the recession began, underscoring the vast loss of wealth over the past two years. Their net worth would need to rise an additional 22% just to return to its pre-recession peak. Investments provided the biggest boost in the July-September period. The value of corporate equities jumped $1.04 trillion, slightly less than the previous quarter’s rise. That increase mirrored the stock market’s powerful showing. The Standard & Poor’s 500 index, a barometer of the market, rose 15% during the third quarter. But it still remained 32% off the peak of October 2007.