Money | economy US Household Wealth Falls Record $5.1T Combined five-quarter drop is nearly as big as US GDP for 2008 By Nick McMaster Posted Mar 12, 2009 2:19 PM CDT Copied A sign standing in the front yard of a house in Port St. Lucie, Fla., on Feb. 20, 2009, has been reduced by $95,000. (AP Photo/J Pat Carter) The wealth of US households fell at a record pace in the last quarter of 2008, as drops in home values and stock prices accelerated, Bloomberg reports. Net worth for households and non-profits fell $5.1 trillion to $51.5 trillion, nearly twice the decline between the second and third quarters. The current net value of household wealth is at the lowest level in 4 years. Since hitting a peak value of $64.4 trillion five quarters ago, household wealth has fallen steadily for a combined drop of $12.8 trillion, figures from the Federal Reserve showed. That’s almost as big as US GDP in 2008, which was $14.2 trillion. Read These Next SCOTUS sounds skeptical about law banning gay conversion therapy. Felix Baumgartner's death attributed to his own error. You might want to take mass transit instead of driving in this city. Robin Williams' daughter: AI clips of him are 'disturbing' Report an error