Thanks to big drops in stocks and home values, the net worth of U.S. households fell in the first quarter by $1.7 trillion. But before you blow a gasket, keep in mind that the total net worth of American households was $55.97 trillion as of March 31. That breaks down to assets of $70.46 trillion and liabilities of $14.49 trillion (mostly mortgage and consumer debt). Here's more from Tom Petruno at Money & Co.

What the totals don't show, however, is how net worth is distributed. A huge chunk of it is in the hands of the wealthiest people. Down the income chain there have to be plenty of people with negative net worth, especially in light of the housing bust. Some minor encouraging news in the Fed’s report: Households continued to build up cash savings, which reached $7.59 trillion at the end of March, up from $7.08 trillion at the end of the third quarter.