US household net worth fell for a third-straight quarter as equities continued to retreat.
Household net worth decreased $392 billion in the July-September period, or 0.3%, after falling a record $6.3 trillion in the second quarter, a Federal Reserve report showed Friday.
The value of equity holdings dropped $1.9 trillion and the value of real estate held by households rose by about $820 billion.
Over the third quarter, the central bank signaled not only further interest-rate hikes but also the intention to leave them elevated for a while. The S&P 500 index slid sharply from mid-August through the end of the quarter. Household net worth decreased $392 billion in the July-September period, or 0.3%, after falling a record $6.3 trillion in the second quarter
Meantime, surging mortgage rates have severely restrained demand for homes — a key source of wealth for Americans. That said, home values have only just recently begun to decline.
