NY Fed: Total U.S. mortgage debt dropped to its lowest level since 2006, at $8.03 trillion

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NY Fed: Total U.S. mortgage debt dropped to its lowest level since 2006, at $8.03 trillion

NY Fed: Total U.S. mortgage debt dropped to its lowest level since 2006, at $8.03 trillion

Household Debt and Credit Developments in 2012 Q31

Aggregate consumer debt fell again in the third quarter, by $74 billion, continuing the nearly four-year downward trend in household debt. As of September 30, 2012, total consumer indebtedness was $11.31 trillion, 0.7% lower than its level in the second quarter of 2012 and down $1.37 trillion from the 2008Q3 peak.

Mortgages, the largest component of household debt, continue to drive the decline in overall indebtedness. Mortgage balances shown on consumer credit reports continued to drop, and now stand at $8.03 trillion, a 1.5% decrease from the level in 2012Q2. Home equity lines of credit (HELOC) balances dropped by $16 billion (2.7%).

Non-mortgage household debt balances jumped by 2.3% in the third quarter to $2.7 trillion, boosted by increases of $18 billion in auto loans, $42 billion in student loans, and $2 billion in credit card balances.

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