by Bill McBride on 11/16/2018 11:09:00 AM
From the NY Fed: Total Household Debt Rises for 17th Straight Quarter
The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit, which shows that total household debt increased by $219 billion (1.6%) to $13.51 trillion in the third quarter of 2018. It was the 17th consecutive quarter with an increase and the total is now $837 billion higher than the previous peak of $12.68 trillion in the third quarter of 2008. Furthermore, overall household debt is now 21.2% above the post-financial-crisis trough reached during the second quarter of 2013. The Report is based on data from the New York Fed’s Consumer Credit Panel, a nationally representative sample of individual- and household-level debt and credit records drawn from anonymized Equifax credit data.Click on graph for larger image.
Mortgage originations increased to $445 billion from $437 billion in the second quarter.
Mortgage delinquencies were roughly flat, with 1.1% of mortgage balances 90 or more days delinquent in the third quarter.
Here are two graphs from the report:
The first graph shows aggregate consumer debt increased in Q3. Household debt previously peaked in 2008, and bottomed in Q2 2013.
From the NY Fed:
Aggregate household debt balances increased in the third quarter of 2018 for the 17th consecutive quarter, and are now $837 billion higher than the previous (2008Q3) peak of $12.68 trillion. As of September 30, 2018, total household indebtedness was $13.51 trillion, a $219 billion (1.6%) increase from the second quarter of 2018. Overall household debt is now