Family Wealth Is Down, Incomes Stagnate
The latest comprehensive survey of household finances by the Federal Reserve shows that the net worth of the average household has dropped since 2001. 
It also showed that many Americans—with the exception of the top income earners—have had stagnant incomes in recent years.
The devastation of twin bear markets, one that began last year and one from 2000 to 2002, has erased any gains in assets for American households for the entire decade.
Down 2 percent
The survey performed by the Fed in 2001 showed that the average household net worth (adjusted for inflation) was $100,918. The latest available figures for October 2008 show the average net worth declined 2 percent to $98,900.
That figure may be even lower today since stock markets declined in November 2008 and during the beginning of 2009.
Meanwhile, the latest comprehensive Federal Reserve survey, which covers the period 2004 through 2007, shows that the average family in that period experienced a slight drop in median income, from $47,500 in 2004 to $47,300 in 2007.
Statistics indicated that income fell or stagnated in all income groups but one: there was an appreciable increase in income for the highest 10% of income earners over the period.
The average income for that group increased to $397,700 in 2007 from $331,900 three years earlier, the Federal Reserve said.
Although assets and income didn’t rise for most Americans, debt did.
The average family owed $67,300 in various debts in 2007, up from $60,700 in 2004.
Second homes hurt
The biggest contributor to that increase was in debt from second homes, the Fed said.
The average homeowner had a mortgage of $107,000 on a primary residence, and owed $3,000 in credit card balances.
The average car loan was $13,000.
Meanwhile, the growth in households with excessive debt was troubling.
The number had grown by 20 percent to 14.7 percent of all households. Excessive debt is defined as owing more than 40 percent of household income in debts of various types.