Mind the Gap in Delinquency Rates

Haughwout, Andrew F.; Lee, Donghoon; Scally, Joelle; Van der Klaauw, Wilbert

Discussion Paper

Mind the Gap in Delinquency Rates

Abstract: Total household debt balances increased by $192 billion in the second quarter of 2019, boosted primarily by a $162 billion gain in mortgage installment balances, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data (the mortgage installment balances exclude home equity lines of credit, which are reported separately and have been declining in balance for some time). The new mortgage total of $9.4 trillion is slightly higher than the previous high in mortgage balances from the third quarter of 2008 in nominal terms.

Keywords: Quarterly Report on Household Debt and Credit; delinquency; Consumer Credit Panel; CCP;

JEL Classification: D1;