Good News, Bad News…

According to research done by Moody’s Analytics and Equifax, the total balance of outstanding home loans dropped $1 trillion, 10.4 percent, in the last four years, an indication of consumers getting rid of debt. Although mortgage rates are at historic lows, credit remains tight, which has learned could be the reason for the outstanding home loans falling in value. At the same time, consumers are responding to more solicitations for credit cards. Equifax Chief Economist Amy Crews Cutts says consumers are set to spend again, according to HousingWire. She says, “The most promise we have seen has primarily been within the consumer spending and auto financing sector, while the housing market continues to see incremental progress toward gaining traction in the coming months.” One point of concern is student loans. As people lost jobs, they returned to school, but that segment is now seeing a higher than normal rate of delinquency.

(Graphic credit: MoneyControl)

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