US household wealth reaches new high of $85.7 trillion
WASHINGTON - Rising home values drove a modest increase in Americans' household wealth to a new high of $85.7 trillion in the April-June quarter.
The Federal Reserve says Americans' stock portfolios climbed $61 billion in value, while housing wealth increased $499 billion.
Americans also stepped up borrowing, a sign of confidence in the economy.
Total mortgage debt grew at the fastest level since the recession ended in 2009. Overall household debt, which includes mortgages, student loans, auto loans and credit card debt, increased at the fastest pace in a year.
The Fed's figures aren't adjusted for population growth or inflation. Household wealth, or net worth, reflects the value of homes, stocks and other assets minus mortgages, credit cards and other debts.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Roundabouts planned throughout Livingston Parish
Criminal justice bills derailed by Louisiana budget feud
EXCLUSIVE: Mayor speaks out after call for firing of BRPD officer
Wisconsin woman jumps on hood of her SUV to prevent theft
RAW: Video shows Southern's Devon Gales walking with robotic exoskeleton