US housing debt surges to $9.4T, topping record high from 2008
(Worthy News) – Residential mortgage debt in the U.S. reached a new high in the three months through June, topping a previous record during the height of the financial crisis.
The Federal Reserve Bank of New York said Tuesday that home loan balances grew by $162 billion in the second quarter of 2019 to $9.4 trillion, exceeding the $9.3 trillion peak in the third quarter of 2008. Mortgage originations, including refinances, also increased by $130 billion to $474 billion, the New York Fed found.
“While nominal mortgage balances are now slightly above the previous peak seen in the third quarter of 2008, mortgage delinquencies and the average credit profile of mortgage borrowers have continued to improve,” Wilbert van der Klaauw, a senior vice president at the bank, said. [ Source: Washington Examiner (Read More…) ]
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