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Weathering the recession: The financial crisis and family wealth changes in low-income neighborhoods

Date Added to Library: 
Friday, September 7, 2012 - 08:48
Individual Author: 
Hendey, Leah
McKernan, Signe-Mary
Woo, Beadsie
Reference Type: 
Place Published: 
Washington, D.C.
Published Date: 
August 7, 2012
Published Date (Date): 
Thursday, August 2, 2012
Published Date (Text): 
August 7, 2012

This report looks closely at what happened to assets, debts and home equity for families living in low-income neighborhoods during the Great Recession, using data from the longitudinal Making Connections Survey. We find that both average savings and debt amounts increased between 2005/06 and 2008/09, but asset and debt levels remained lower for vulnerable families, and low-income families disproportionally lost equity during the crisis. Yet even in 2008/09, home equity was substantial and an important component of wealth ($66,000, more than four times as much as families had in savings) for the nearly half of families who were homeowners. (author abstract)

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