Families increased their investments in 529 college savings accounts in the third quarter, a reversal of the trend from the last few years, according to a report the College Savings Foundation.

The recession that began in 2007 took a bite out of 529 assets, with families holding tight to their wallets instead of saving for college. Yet the report, which was issued Thursday, revealed that assets supplied by reporting members reached $44 billion, which was 11.4% higher than the second quarter of 2009 and 8.4% higher year-over-year.

In addition, new money coming into the plans jumped 5% for the third quarter, to $1.275 billion from $1.220 billion in the second quarter of 2009. Nonetheless, new sales were down 9.8% year-over-year from $1.414 billion.

Total overall 529 savings plan assets stood at $111.1 billion for the third quarter.

Kevin McMullen, chairman of the College Savings Foundation said: “529 accounts and assets are gaining ground, conveying families’ commitment to their 529 college savings plans and long-term college savings goals.”