U.S. mortgage debt hits record high $15.8 trillionChristian Fernsby ▼ | January 8, 2020
The outstanding US mortgage debt which has been growing steadily in recent years hit a record high of $15.8 trillion in Q3 2019.
Homes in the U.S. U.S. house mortgage
Topics: U.S. mortgage debt
Following the Great Depression, the outstanding mortgage debts steadily declined to hit a low of $13.3 trillion in the third quarter of 2013.
However, since the quarter, the debts have been increasing to hit the latest highs of $15.8 trillion in 2019.
The data also highlights the outstanding mortgage based on property type and holder.
One to four families had debts worth $11,074,883 by close of 2019 Q3.
Under this category, the rates have also been on the rise since 2015.
The same trend can also be seen under the multi-family residence property.
“The mortgage is among the largest component of household debt across the United States.
However, the mortgage rates have been low since the last quarter of 2018.
The Federal Reserve Bank resorted to lowering the rates in the wake of trade uncertainty which affected the global economic growth."
Amid the rising debt, we have a steady increase in both new and existing houses sold across the U.S. market.
Estimation indicates that by close of 2019, a total of 6.44 million houses might have been sold which represents a 26.2% increase in the last decade. ■