U.S. household net worth decreased by $1.3 trillion in the first quarter of 2009. This was due in part to decreases in stock market and real estate values. The gory details are here.
Here is a table for some context:
(Billions of Dollars)
It will be hard to recover from this particularly for working class Americans. That is a huge hit. Sure much of it was inflated by debt but the problem is that people will have to get use to a lower living standard because of this hit especially for those who were getting ready to retire.
The good news is that the "decline has slowed." Yeah, right tell that to someone in Michigan or Ohio or even California.