Great Recession erased nearly 40% of family wealth

The Great Recession took such a heavy toll on the economy that the typical American family lost nearly 40% of its wealth from 2007 to 2010, shaving the median net worth to a level not seen since the early 1990s.

The Federal Reserve said in a new report Monday that median family net worth, the point smack in the middle of those richer and poorer, fell to $77,300 in 2010 from $126,400 three years earlier after adjusting for inflation.

Read more at the Los Angeles Times…