So it’s no surprise that Americans are buying homes. Between July and September, mortgage debt increased by $ 85 billion to a total of $ 9.86 trillion. Mortgages are the largest contributor to home loans in the United States.
The report of the Central Bank of New York was full of records or nearby records.
For example, when combining new home loans and refinancing, the value of new mortgages was $ 1.05 trillion. This is the second-highest volume on record, competing only with the 2003 refinancing boom, the report said.
Auto and student loans
This is not just about home loans. The rush to buy cars has also accelerated auto loans and leases, which have reached record highs: 36 1.36 trillion.
Meanwhile, credit crime rates fell in the third quarter, aided by tolerance schemes created by the CARES Act, which allowed deferrals of payments, as well as deferrals granted by lenders.
For example, student loan deficits fell to 4.4% in the third quarter and 9.3% in the second quarter.
Between July and September, only 132,000 consumers had a bankruptcy index on their credit statements, a new historic drop, according to NY Pet.
Overall, home debt rose $ 87 billion in the last quarter to $ 14.35 trillion in total. This is a new high, breaking the previous record set in the first quarter of the year.