St Louis Mortgage and Real Estate News –
St Louis Refinancing and Customer Financing News: Mortgages Up While Borrowing Up
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According to a report from the New York Federal Reserve which looks at mortgages, home equity lines, credit cards and auto loans by consumers nationwide, went on to conclude that total consumer debt increased slightly in the first quarter of 2011, ending a string of nine consecutive declining quarters.
In addition, banks are becoming more willing to lend than in recent years, as there was an increase in credit limits, by about $30 billion or 1 percent which again was the first such gain since the third quarter of 2008.
There were 368,000 new foreclosures during the quarter, a 17.7 percent decline from the fourth quarter of 2010, and new bankruptcies fell 13.3 percent during the quarter, to 434,000.
Mortgage originations increased for a third consecutive quarter, to $499 billion.
That put new mortgages 65 percent above their low point at the end of 2008, and 31 percent above their level of a year ago.
Total consumer indebtedness in the first quarter of 2011 was $11.5 trillion, still 8.2 percent below its peak at the end of September 2008, just after the collapse of Lehman Brothers and the seizing of financial markets.
But showing that the current economy is not back on track as of yet is the fact that consumers and banks continue to cut back on credit cards.
The numbers show that approximately 195 million credit accounts were closed during the 12 months that ended March 31st, 2011 while just 166 million accounts were opened over the same period.
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