Newsnewsrcwrtarmageddonitesonparadeneoconstrumprecession

Tue Aug 13, 2019, 03:09 PM

U.S. Mortgage Debt Hits Record, Eclipsing 2008 Peak

The last time Americans had nearly this much mortgage debt was back in 2008, but delinquencies are lower

Published: Aug 13, 2019 2:10 p.m. ET

Low mortgage rates have helped push U.S. mortgage debt to the highest level ever.

In the second quarter of 2019, Americans’ mortgage balances totaled $9.4 trillion, $162 billion more than the previous quarter, according to data released Tuesday by the Federal Reserve Bank of New York. This surpassed the previous peak of $9.3 trillion in mortgage debt recorded back in the third quarter of 2008.

Overall, mortgage originations increased by $130 billion from the previous quarter to $474 billion as Americans sought to take advantage of low rates, particularly through refinancing. This marked the highest quarterly loan volume since the third quarter of 2017.

Mortgage balances represent the largest component of household debt — and the boost in mortgage originations helped drive total household debt in the U.S. to its highest level ever, $13.86 trillion.

more...

https://www.marketwatch.com/story/americans-now-have-more-mortgage-debt-than-ever-before-2019-08-13

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Reply U.S. Mortgage Debt Hits Record, Eclipsing 2008 Peak (Original post)
RCW2014 Aug 2019 OP
rahtruelies Aug 2019 #1
nolidad Aug 2019 #2
RCW2014 Aug 2019 #3
Salaam Aug 2019 #4

Response to RCW2014 (Original post)

Tue Aug 13, 2019, 06:00 PM

1. faux news alert

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Response to RCW2014 (Original post)

Wed Aug 14, 2019, 03:16 PM

2. so hasn't the following:

auto loans
student loans
credit card debt

Also delinquencies in all these categories are at or near record highs! Start hunkering down- a bigger storm thatn 2008-2010 is coming and it is going to hurt alot worse!

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Response to nolidad (Reply #2)

Wed Aug 14, 2019, 03:21 PM

3. Oh when the damn breaks, it's going to be a doozy...this one. Plus the Fed is giving up

one of the few tools it has to attempt to stop the hemmorage, interest rates.

Printing paper is about all they will be able to do to keep the banks liquid but they'll have to let a couple of the bigger ones fail.

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Response to nolidad (Reply #2)

Wed Aug 14, 2019, 08:00 PM

4. can't build an economy on debt.

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