This report looks closely at what happened to assets, debts and home equity for families living in low-income neighborhoods during the Great Recession, using data from the longitudinal Making Connections Survey. We find that both average savings and debt amounts increased between 2005/06 and 2008/09, but asset and debt levels remained lower for vulnerable families, and low-income families disproportionally lost equity during the crisis. Yet even in 2008/09, home equity was substantial and an important component of wealth ($66,000, more than four times as much as families had in savings) for the nearly half of families who were homeowners.