The US saw its household wealth lose $1.33 trillion in the first three months of the year as the recession took its toll on stock portfolios and home values.

Homes values dropped 2.4% to $17.9 trillion and stock holdings collapsed 5.8% to $5.2 trillion.

Household net worth dropped to $50.38 trillion in the first quarter, the lowest level since the third quarter of 2004, according to the Federal Reserve.

Net worth represents total assets such as homes and checking accounts, minus liabilities like mortgages and credit card debt.

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