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Mortgage Debt Continues to Decline
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You're Now Reading:
Mortgage Debt Continues to Decline
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Mortgage Debt Continues to Decline
Mortgage Calculator
Mortgage Rates
Home Buying Tips
Home Selling Tips
About Mortgages
Mortgage Calculator
Mortgage Rates

January 3, 2012 (Chris Moore)

American mortgage debt fell to its lowest levels in five years in the third quarter of 2011 as foreclosure activity wiped out home loans and a weak housing market resulted in fewer and smaller loans according to the Federal Reserve’s latest Flow of Funds Report.

Total household debt in the third quarter declined at an annual rate of 1.2 percent, continuing a trend that started in the first quarter of 2008. That compares to a 0.6 percent decline in the second quarter and a 1.8 percent decline in the first quarter.

Total American household debt peaked in the second quarter of 2008 at $13.929 trillion and has declined every month since, reaching $13.208 trillion in the most recent quarter.

Home mortgage debt in the quarter fell at an even faster pace, declining 1.8 percent, down from a 2.4 percent decline in the second quarter and a 2.6 percent decline in the first quarter.

A tepid housing market that has seen prices and sales fall over 30 percent since the market’s peak and a continued elevation in foreclosure activity helped to contribute to a $45.4 billion drop in mortgage debt from the second quarter to the third.

Mortgage debt peaked at $10.611 trillion in the first quarter of 2008 and has declined almost every month since then to $9.875 trillion by the end of the third quarter of this year.

The last time that total amount of mortgage debt was that low was in the fourth quarter of 2006 when total mortgage debt stood at $9.868 trillion.

Total consumer debt, which includes installment payment loans like credit cards and auto loans, has stayed relatively stable during that time. In the fourth quarter of 2006, Americans owed $2.416 trillion in consumer debt. In the third quarter of this year, that amount stood at $2.476 trillion.

Consumer debt has been on the rise in the last year, increasing every quarter for the last four quarters. Consumer debt peaked in the first and second quarter of 2008 at $2.609 trillion.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

January 3, 2012 (Chris Moore)

American mortgage debt fell to its lowest levels in five years in the third quarter of 2011 as foreclosure activity wiped out home loans and a weak housing market resulted in fewer and smaller loans according to the Federal Reserve’s latest Flow of Funds Report.

Total household debt in the third quarter declined at an annual rate of 1.2 percent, continuing a trend that started in the first quarter of 2008. That compares to a 0.6 percent decline in the second quarter and a 1.8 percent decline in the first quarter.

Total American household debt peaked in the second quarter of 2008 at $13.929 trillion and has declined every month since, reaching $13.208 trillion in the most recent quarter.

Home mortgage debt in the quarter fell at an even faster pace, declining 1.8 percent, down from a 2.4 percent decline in the second quarter and a 2.6 percent decline in the first quarter.

A tepid housing market that has seen prices and sales fall over 30 percent since the market’s peak and a continued elevation in foreclosure activity helped to contribute to a $45.4 billion drop in mortgage debt from the second quarter to the third.

Mortgage debt peaked at $10.611 trillion in the first quarter of 2008 and has declined almost every month since then to $9.875 trillion by the end of the third quarter of this year.

The last time that total amount of mortgage debt was that low was in the fourth quarter of 2006 when total mortgage debt stood at $9.868 trillion.

Total consumer debt, which includes installment payment loans like credit cards and auto loans, has stayed relatively stable during that time. In the fourth quarter of 2006, Americans owed $2.416 trillion in consumer debt. In the third quarter of this year, that amount stood at $2.476 trillion.

Consumer debt has been on the rise in the last year, increasing every quarter for the last four quarters. Consumer debt peaked in the first and second quarter of 2008 at $2.609 trillion.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

January 3, 2012 (Chris Moore)

American mortgage debt fell to its lowest levels in five years in the third quarter of 2011 as foreclosure activity wiped out home loans and a weak housing market resulted in fewer and smaller loans according to the Federal Reserve’s latest Flow of Funds Report.

Total household debt in the third quarter declined at an annual rate of 1.2 percent, continuing a trend that started in the first quarter of 2008. That compares to a 0.6 percent decline in the second quarter and a 1.8 percent decline in the first quarter.

Total American household debt peaked in the second quarter of 2008 at $13.929 trillion and has declined every month since, reaching $13.208 trillion in the most recent quarter.

Home mortgage debt in the quarter fell at an even faster pace, declining 1.8 percent, down from a 2.4 percent decline in the second quarter and a 2.6 percent decline in the first quarter.

A tepid housing market that has seen prices and sales fall over 30 percent since the market’s peak and a continued elevation in foreclosure activity helped to contribute to a $45.4 billion drop in mortgage debt from the second quarter to the third.

Mortgage debt peaked at $10.611 trillion in the first quarter of 2008 and has declined almost every month since then to $9.875 trillion by the end of the third quarter of this year.

The last time that total amount of mortgage debt was that low was in the fourth quarter of 2006 when total mortgage debt stood at $9.868 trillion.

Total consumer debt, which includes installment payment loans like credit cards and auto loans, has stayed relatively stable during that time. In the fourth quarter of 2006, Americans owed $2.416 trillion in consumer debt. In the third quarter of this year, that amount stood at $2.476 trillion.

Consumer debt has been on the rise in the last year, increasing every quarter for the last four quarters. Consumer debt peaked in the first and second quarter of 2008 at $2.609 trillion.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.