American households added $193 billion of debt in the fourth quarter, driven by ...
A man cycles past the Trades housing division built by Gentry Homes in Ewa Beach, Hawaii March 6, 2013. Residents of Oahu's Ewa Beach resort community have access to a perk, one that some say is even better than the beaches: free home-mortgage loans, courtesy of the U.S. Department of Agriculture. The gratis financing comes from the federal farm agency's rural housing program, which was created during the Dust Bowl--and continues to exist--to give poor people living in the U.S.
- American households added $193 billion of debt in the fourth quarter, driven by a surge in mortgage loans, and overall debt levels rose to a new record at $14.15 trillion, the Federal Reserve Bank of New York said on Tuesday. Mortgage balances rose by $120 billion in the fourth quarter to $9.56 trillion, the New York Fed said in its quarterly report on household debt. Mortgage originations - pushed up by an increase in refinancing - also rose to $752 billion in the fourth quarter, reaching the highest volume since the fourth quarter of 2005, the report found.
Some 2.36% of loans became more than 90 days delinquent in the fourth quarter, driven down by a low rate of delinquencies for mortgage loans. New foreclosures remained low by historical standards, with 71,000 notations added to credit reports between October and December. However, delinquencies rose for credit cards and student loans - with young borrowers seeing the biggest increase. Researchers said the rising delinquencies among borrowers in their 20s and 30s could be related to high levels of student loan debt, which could make it difficult for consumers to afford their bills.
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