My Real Estate Blog

April 7th, 2008 4:06 PM
More Americans have fallen behind on consumer loans today than at any time in the last 16 years, according to the American Bankers Association.

The bankers said the percentage of loans at least 30 days late rose to 2.65 percent in the fourth quarter of 2007.

Delinquencies on home equity loans rose to a 2 1/2-year high of 2.39 percent, and delinquencies on home equity lines of credit rose to 0.96 percent, matching a level last seen in the fourth quarter of 1997.

"There's no question that the economy is weakening beyond housing, resulting in the loss of household purchasing power," says John Lonski, chief economist at Moody's Investors Service. "Deterioration of household credit should continue through 2008, though the rate may moderate. If it intensifies, then the current recession may prove more severe than anticipated."

Source; Reuters News (04/03/08
Posted by Ralph Schnelle Designated Broker on April 7th, 2008 4:06 PMPost a Comment (0)
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