3Center or American Progress | Economic Snapshot or June 2011
8. Family incomes drop sharply in the recession.
Median inaion-adjusedhousehold income ell 3.6 percen in 2008 and by anoher 0.7 percen in 2009.I sood a $49,777 in 2009, is lowes level in inaion-adjused dollars since1997. Whie amily income sood a $54,461, compared o Arican Americanamily income, which was $32,584, or 59.8 percen o whie income. Hispanicamily income was $38,039 in 2009, or 69.8 percen o whie income.
9. Poverty continues to rise.
Te povery rae sood a 14.3 percen in 2009—ishighes rae since 1994. Te Arican American povery rae was 25.8 percen,he Hispanic rae was 25.3 percen, and he whie rae was 9.4 percen in 2009.Te povery rae or children under he age o 18 sood a 20.7 percen. Morehan one-hird o Arican American children (35.7 percen) lived in povery in 2009, compared o 11.9 percen o whie children and 33.1 percen o Hispanic children.
10. Family wealth losses linger.
oal amily wealh was down $12.4 rillion (in2011 dollars) rom June 2007—is las peak—o March 2011, despie sronggains in he sock marke since early 2009. Home equiy says low, such hahomeowners on average sill own only 38.1 percen o heir homes, wih heres owed o banks.
Tis is he lowes share on record going back o 1952.
11. Debt levels are still high.
oal household deb equaled 114.1 percen o afer-ax income in March 2011. Tis is down rom a record high o 130.2 percenin Sepember 2007 bu sill higher han a any poin beore Sepember 2004.
12. Mortgage troubles stay high.
One in eighmorgages is delinquen or in oreclosure.Te share o morgages ha were delin-quen was 8.3 percen in he rs quarer o 2011, and he share o morgages ha werein oreclosure was 4.5 percen.
13. Families feel the pressure.
Credi carddeauls amouned o a high 7.2 percen o all credi card deb by he rs quarer o 2011—sill 70.3 percen above he rae inourh quarer o 2007, jus beore he GreaRecession sared.
See figure 3
Share of mortgages that are delinquent or in foreclosure
f i g ur e 3
M a r - 7 9 M a r - 8 4 M a r - 8 9 M a r - 9 4 M a r - 9 9 M a r - 0 4 M a r - 0 9
Source: Mortgage Bankers Association, 2009, National Delinquency Survey, Washington, DC: MBAA.