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Mark Hemingway

Mortgage Market Update for September 11th

Wednesday, September 11, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

New home construction continues to run below demand, and the rate at which housing is being built in the US has not recovered since the Great Recession. Zillow reports that new housing starts are expected to lag below historical averages through the end of 2022 or even longer. Home prices have risen considerably since the recession ended in 2009 but construction has not kept up. Builders cite a lack of land to build on, lumber and other building material shortages, and hiring qualified workers.

US household debt hit an all-time high in the second quarter of 2019, rising by $192 billion (1.4%) to $13.86 trillion. It was the 20th consecutive quarter with an increase. To break it down: mortgage balances, the largest component of household debt, rose by $162 billion in the second quarter to $9.4 trillion. In addition, student loan debt edged lower to $1.48 trillion, and auto loans totaled $155 billion while credit card balances increased to $868 billion.

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