This is too big a loss to be explained by house prices and the stock market. It looks like these households were forced to sell assets and spend capital.
Those who are able to continue saving and investing during this period (2008-12) are still doing at least OK.
OK is a relative term. I am doing OK but I am not exactly where I want to be with retirement. It looks like I will have to work 2 to 3 years longer than I thought. If things get worse like I suspect, it will be closer to 5 extra years..