• Grey Facebook Icon
  • Grey Twitter Icon
Subscribe

 Stay updated on the latest news, tips, and event info in the mortgage industry. 

© American Business Media, LLC.

Mortgage Debt Falls, But Other Liabilities Rise

February 13, 2019

 

A new report by the Federal Reserve Bank of New York shows mortgage debt fell for the first time in two years. That’s more than offset by overall debt shouldered by Americans that edged up to a record $13.5 trillion in the fourth quarter of 2018.

 

The overall debt rose consistently since 2013 when debt bottomed out after the last recession. According to a Reuters report, consumer spending accounts for two-thirds of the growth in the world’s largest economy and it is expected to hold steady this year even as the overall expansion cools after a hot 2018.

 

New York Fed economists said that while creditworthy borrowers are mostly driving the growth in originations, the performance of auto debt is worsening. “Growing delinquencies among subprime borrowers are responsible for this deteriorating performance, and younger borrowers are struggling most acutely to afford their auto loans,” said Joelle Scally, administrator of the New York Fed’s center for microeconomic data.

Share on Facebook
Share on Twitter
Please reload

Recent Posts

Please reload

Featured Posts

Mortgage Applications Climb To The Highest Level In More Than A Month

November 13, 2019

1/7
Please reload

Follow Us

  • Grey Facebook Icon
  • Grey Twitter Icon