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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

July 2, 2012 (Chris Moore)

Americans shed more of their mortgage debt in the first quarter of 2012, continuing a pattern that started in the second quarter of 2008, while total household debt fell for the thirteenth consecutive quarter according to the Federal Reserve’s latest Flow of Funds Report.

Total outstanding household debt fell from a revised $12,930.0 billion in the fourth quarter of 2011 to $12919.2 billion in the first quarter of 2012, a decrease of 10.8 billion. Total household debt peaked in the second quarter of 2008 at $13,808.5 billion and has been on the decline ever since.

The decline in debt was led by a $71.7 billion decline in mortgage debt, the 12th consecutive month that Americans have reduced their mortgage debt.

Total mortgage debt fell 2.9 percent from the fourth quarter of 2011, falling from $9.819 trillion to $9.747 trillion. The last time that total mortgage debt was that low was in the third quarter of 2006 when total mortgage debt stood at $9.721 trillion. Household mortgage debt peaked at $10.628 trillion in the first quarter of 2008.

Households continued to take on new consumer debt, which includes auto loans and credit cards, by borrowing $36.2 billion more in the first quarter than they did in the fourth quarter of 2012, an increase of 1.4 percent. It’s the highest amount of debt consumers have taken on any one quarter since the fourth quarter of 2008.

Total outstanding consumer debt increased from $2.508 trillion in the fourth quarter of 2012 to $2.544 trillion by the end of the first quarter 2012. Consumer debt peaked in the second quarter of 2008 at $2.609 trillion and fell to a four year low in the fourth quarter of 2010 but has been on the rise every quarter since.

Household net worth, the difference between the value of assets and liabilities, was $62.9 trillion at the end of the first quarter of 2012, about $2.8 trillion more than at the end of the fourth quarter of 2011 and the highest since 2007.

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

July 2, 2012 (Chris Moore)

Americans shed more of their mortgage debt in the first quarter of 2012, continuing a pattern that started in the second quarter of 2008, while total household debt fell for the thirteenth consecutive quarter according to the Federal Reserve’s latest Flow of Funds Report.

Total outstanding household debt fell from a revised $12,930.0 billion in the fourth quarter of 2011 to $12919.2 billion in the first quarter of 2012, a decrease of 10.8 billion. Total household debt peaked in the second quarter of 2008 at $13,808.5 billion and has been on the decline ever since.

The decline in debt was led by a $71.7 billion decline in mortgage debt, the 12th consecutive month that Americans have reduced their mortgage debt.

Total mortgage debt fell 2.9 percent from the fourth quarter of 2011, falling from $9.819 trillion to $9.747 trillion. The last time that total mortgage debt was that low was in the third quarter of 2006 when total mortgage debt stood at $9.721 trillion. Household mortgage debt peaked at $10.628 trillion in the first quarter of 2008.

Households continued to take on new consumer debt, which includes auto loans and credit cards, by borrowing $36.2 billion more in the first quarter than they did in the fourth quarter of 2012, an increase of 1.4 percent. It’s the highest amount of debt consumers have taken on any one quarter since the fourth quarter of 2008.

Total outstanding consumer debt increased from $2.508 trillion in the fourth quarter of 2012 to $2.544 trillion by the end of the first quarter 2012. Consumer debt peaked in the second quarter of 2008 at $2.609 trillion and fell to a four year low in the fourth quarter of 2010 but has been on the rise every quarter since.

Household net worth, the difference between the value of assets and liabilities, was $62.9 trillion at the end of the first quarter of 2012, about $2.8 trillion more than at the end of the fourth quarter of 2011 and the highest since 2007.

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.

July 2, 2012 (Chris Moore)

Americans shed more of their mortgage debt in the first quarter of 2012, continuing a pattern that started in the second quarter of 2008, while total household debt fell for the thirteenth consecutive quarter according to the Federal Reserve’s latest Flow of Funds Report.

Total outstanding household debt fell from a revised $12,930.0 billion in the fourth quarter of 2011 to $12919.2 billion in the first quarter of 2012, a decrease of 10.8 billion. Total household debt peaked in the second quarter of 2008 at $13,808.5 billion and has been on the decline ever since.

The decline in debt was led by a $71.7 billion decline in mortgage debt, the 12th consecutive month that Americans have reduced their mortgage debt.

Total mortgage debt fell 2.9 percent from the fourth quarter of 2011, falling from $9.819 trillion to $9.747 trillion. The last time that total mortgage debt was that low was in the third quarter of 2006 when total mortgage debt stood at $9.721 trillion. Household mortgage debt peaked at $10.628 trillion in the first quarter of 2008.

Households continued to take on new consumer debt, which includes auto loans and credit cards, by borrowing $36.2 billion more in the first quarter than they did in the fourth quarter of 2012, an increase of 1.4 percent. It’s the highest amount of debt consumers have taken on any one quarter since the fourth quarter of 2008.

Total outstanding consumer debt increased from $2.508 trillion in the fourth quarter of 2012 to $2.544 trillion by the end of the first quarter 2012. Consumer debt peaked in the second quarter of 2008 at $2.609 trillion and fell to a four year low in the fourth quarter of 2010 but has been on the rise every quarter since.

Household net worth, the difference between the value of assets and liabilities, was $62.9 trillion at the end of the first quarter of 2012, about $2.8 trillion more than at the end of the fourth quarter of 2011 and the highest since 2007.

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.