Ex-NFL star sentenced to five years in prison for mortgage fraud

Ex-NFL star sentenced to five years in prison for mortgage fraud

Irving Fryar and his mother convicted of conspiring to steal $1.2M

Experian hacked: 15 million people’s credit data stolen in breach

Credit reporting agency becomes latest victim of data breach

Here's what today's job creation implosion means for housing and mortgage finance

Jobs crater, labor participation rate near 40-year low and zero wage growth

Household debt rises in 4Q, though mortgage debt declines

Household debt increased during the fourth quarter for the first time in nearly four years despite a continued drop in mortgage debt, according to the Federal Reserve.

Debt rose just 0.3% at a seasonally adjusted rate, but marked the first increase since the first quarter 2008. For all of 2011, household debt dropped 0.9%, well below yearly prerecession increases.

Consumer credit climbed 6.9%, the fifth straight quarter of growth, and ended 2011 up 3.5%.

Residential mortgage debt continued its decline by falling another 1.5%, which is the smallest drop since the end of 2009. Home loan debt fell 2.1% in all of 2011 to $9.8 trillion.

All mortgage debt for nonfinancial sectors dropped $209 billion in the fourth quarter, though multifamily mortgages increased by $8.6 billion.

Household net worth rose for the first time in three quarters, climbing roughly $1.2 trillion to $58.5 trillion.


Recent Articles by Andrew Scoggin

Comments powered by Disqus