Whither Mortgages?

Andrew Haughwout, Donghoon Lee, Joelle Scally and Wilbert van der Klaauw

No 20160222, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Our most recent Quarterly Report on Household Debt and Credit showed that although total household debt has increased somewhat since 2012, that growth has been driven almost entirely by nonhousing debt?credit cards, auto loans and student loans. The largest category of household debt?mortgages?has been essentially flat since 2012, in spite of a substantial rise in housing prices over that period. In this post, we explore the sources of the sluggish growth in mortgage debt using our New York Fed Consumer Credit Panel, which is based on Equifax credit data.

Keywords: household finances; housing; mortgages; saving (search for similar items in EconPapers)
JEL-codes: D1 R3 (search for similar items in EconPapers)
Date: 2016-02-22
New Economics Papers: this item is included in nep-ure
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