Americans’ wealth slipped in third quarter as stocks fell

WASHINGTON » Americans’ net worth dipped in the July-September quarter as a drop in stock prices overwhelmed a solid gain in home values.

U.S. household wealth declined 0.2 percent in the third quarter to $81.3 trillion, the Federal Reserve said last week. Americans’ stock and mutual fund portfolios fell $700 billion. The value of their homes increased $245 billion.

The slight drop comes after Americans’ wealth rose to a record in the April-June quarter. A booming stock market and a rebound in home values have enabled the nation’s net worth to rebound from the Great Recession and reach new highs.

Yet the gains have accrued mostly to the wealthiest Americans, who own the vast majority of stocks. Middle-class net worth hasn’t budged in recent years even as stock market indexes have soared.