10 things you need to know today: June 12, 2012

U.S. families' net worths plunge, a coroner rules in an Australian dingo case, and more in our roundup of the stories that are making news and driving opinion

This 1982 photo shows Lindy Chamberlain and her husband Michael the day a coroner ordered her to face a charge of murdering her 10-week-old daughter Azaria, reversing an earlier coronial verd
(Image credit: Bettmann/CORBIS)

1. AVERAGE FAMILY NET WORTH PLUNGES 40 PERCENT

According to a Federal Reserve study released Monday, the net worth of the average American family plummeted almost 40 percent from 2007 to 2010, from $126,400 to $77,300, a level not seen since the early '90s. Much of the drop is attributed to crashing housing prices. The median family income also fell during the same period, from $49,600 in 2007 to $45,800 in 2010. "It fills in details to a picture that we already knew was quite ugly, and these details very much underscore that," economist Jared Bernstein, a former adviser to Vice President Joe Biden, says of the survey. "It makes clear how devastating [the economic crisis] has been for the middle class." [Reuters]

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