Americans’ wealth slips further after massive loss in the spring

(CNN) — Americans’ wealth continued to slide in the third quarter as stock prices plunged over the summer. The net worth of households and nonprofit organizations dropped by $400 billion to $143.3 trillion in the third quarter, according to data from the Federal Reserve released Friday. The value of households’ stocks declined by $1.9 trillion, while their real estate holdings increased in value by $700 billion. The decline comes after their wealth plummeted more than $6 trillion in the second quarter, which was also driven primarily by a drop in stock prices. This is a developing story and will be updated. The-CNN-Wire ™ & © 2022 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.