Tag Archives: credit

Millennials are buying, but many can do better. See what changes these young buyers can make to get on the path to sustained homeownership.

While consumers expect the access to credit to tighten over the next few months, here’s what a New York Fed survey revealed about consumer expectations on home prices and debt payments.

What are the shifts in the distribution of housing wealth and how has it evolved after the Great Recession? A research by the New York Fed found some compelling answers.

Richard Clarida and Michelle Bowman gave their testimony during their nomination hearing for top jobs at the Fed by the Banking, Housing, and Urban Affairs Committee. Click through to learn what they had to say about their potential roles.

A record amount of Americans have access to credit through credit cards, auto loans, personal loans—and of course mortgages. See the breakdown here.

A recent report shows mortgage credits are increasing, but there’s more room for improvement. What’s holding back gains for the housing market?

Builders and developers have reported that credit conditions for acquisition, development, and single-family construction (AD&C) have been easing in the past few months. Eased lending standards are linked with growth in the volume of residential construction loans held at banks, and by extent, the growth in residential construction as a whole. Sales of brand-new homes are expected to jump 10.7 percent this year as the historically low inventory has been pushing for increased construction.

A recent study by LendEDU examines how credit has shifted by state. Experian’s data puts Minnesota at the top with an average credit score of 718. The top three metros witht eh highest credit scores were all in Minnesota: Mankato, Rochester, and Minneapolis. Nationally, the VantageScore average grew from 669 to 673 in 2016.

On Wednesday, the New York Federal Reserve released its Q1 report on household debt and credit. According to the report, total household debt totaled $12.73 trillion in Q1 2017. This means that household debt has finally surpassed its $12.68 trillion peak reached during the recession in 2008. This is a $149 billion quarterly increase.

mortgage default rates are up one basis point from February to .75 percent, a one-year high. Year-over-year, the mortgage default rate dropped from .77 percent, while the bank card default rate increased year over year. Of the five major cities covered by the S&P/Experian Consumer Credit Default Indices (New York, Chicago, Dallas, Los Angeles, and Miami), New York and Chicago posted month-over-month increases in the Index level, while Dallas, Los Angeles, and Miami posted month-over-month decreases in defaults.