Overall, during the first half of 2003, the net worth of households is estimated to have risen 4-1/2 percent - somewhat faster than the rise in nominal disposable personal income. Only 15 percent of that increase in wealth represented the accumulated personal saving of households. Additions to net worth have largely reflected capital gains both from financial investments and from home price appreciation.
Net additions to home equity, despite very large extractions, remained positive in the first half. Significant balance-sheet restructuring in an environment of low interest rates has gone far beyond that experienced in the past.