WASHINGTON - U.S. household wealth rose at a solid pace in the April-June quarter, pushed by steady gains in home values and stock portfolios.
The Federal Reserve says net worth climbed 1.2 percent to $89.1 trillion, led by a $474 billion increase in housing wealth. Americans’ stock and mutual portfolios climbed by $452 billion. Money in checking and saving accounts also rose slightly.
Americans are also taking on more debt, particularly mortgages, which suggests they are more confident in their economic futures and their ability to handle the debts. Mortgage debt rose 2.5 percent, the most since the recession.
Household wealth, or net worth, reflects the value of homes, stocks and other assets minus mortgages, credit card debt and other borrowing. The Fed’s figures aren’t adjusted for population growth or inflation.