According to the latest quarterly report from the New York Federal Reserve, a number of measures of household and credit debt continue to decline. According to the report:
- Overall consumer debt dropped 1% in the 1st quarter of 2013 compared to the last quarter of 2012.
- Mortgage balances, the largest component of household debt, and equity lines of credit fell. Other non-housing debt remained unchanged as increases in auto and student loans were offset by decreases in credit card balances.
- Regarding housing, mortgage originations continue to rise since bottoming out in the third quarter of 2011. Foreclosures in the first quarter of 2013 were down 12.5% from the previous quarter, the fourth consecutive quarterly decline, and are 68% below the peak number of new foreclosures in the second quarter of 2009.
- Regarding student loans, outstanding balances increased by $20 billion during the quarter to a total of $986 billion. The 90+ day delinquency rate declined from 11.7% to 11.2% during the quarter.
