Thread by @NewYorkFed

JUST RELEASED: Total household debt grew by $124 billion over the first quarter of 2019, boosted by increases in mortgage, auto, and student loan balances. nyfed.org/2W2kgpI #HHDC

Aggregate household debt balances ticked up in the first quarter of 2019 for the 19th consecutive quarter, and are now $993 billion (7.8%) higher than the previous (2008Q3) peak of $12.68 trillion. #HHDC

As of March 31, 2019, total household indebtedness was $13.67 trillion, a $124 billion (0.9%) increase from the fourth quarter of 2018. Overall household debt is now 22.5% above the 2013Q2 trough. #HHDC

There was $344 billion in newly originated mortgage debt in 2019Q1. #HHDC

Mortgage balances shown on consumer credit reports on March 31 stood at $9.2 trillion, a $120 billion increase from 2018Q4. #HHDC

Balances on home equity lines of credit (HELOC) declined modestly, by $6 billion, continuing their declining trend from 2009. HELOC balances are now at $406 billion. #HHDC

Non-housing balances increased by $10 billion in the first quarter, with a small
increase in auto loan balances ($6 billion), a $29 billion increase in student loan balances, offset by a $22 billion decline in credit card balances. #HHDC

New extensions of credit for mortgage and auto loans slowed in the first quarter. #HHDC

Mortgage originations, which we measure as appearances of new mortgage balances on consumer credit reports and which include refinanced mortgages, were at $344 billion, a notable decline from the volume seen in 2018Q4 and the lowest quarterly volume observed since 2014Q3. #HHDC

There were $139 billion in newly originated auto loans in the first quarter of 2019, a modest decline from the fourth quarter but higher than the volume observed in 2018Q1. #HHDC

Outstanding student loan debt stood at $1.49 trillion in the first quarter, up $29 billion from 2018Q4. #HHDC

10.9% of aggregate student debt was 90+ days delinquent or in default in 2019Q1. The transition rate into 90+ delinquency was 9.4%. Student loan delinquency transition rates remain at high levels relative to other types of debt. #HHDC

Download the full report: nyfed.org/2YuMV4p #HHDC