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Author:Lee, Donghoon 

Discussion Paper
Inequality in U.S. Homeownership Rates by Race and Ethnicity

Homeownership has historically been an important means for Americans to accumulate wealth—in fact, at more than $15 trillion, housing equity accounts for 16 percent of total U.S. household wealth. Consequently, the U.S. homeownership cycle has triggered large swings in Americans’ net worth over the past twenty-five years. However, the nature of those swings has varied significantly by race and ethnicity, with different demographic groups tracing distinct trajectories through the housing boom, the foreclosure crisis, and the subsequent recovery. Here, we look into the dynamics underlying ...
Liberty Street Economics , Paper 20200708a

Discussion Paper
Racial Disparities in Student Loan Outcomes

Total household debt balances increased by $92 billion in the third quarter of 2019, according to the latest Quarterly Report on Household Debt and Credit from the New York Fed’s Center for Microeconomic Data. The balance increase reflected nearly across the board gains in various types of debt, with the largest gains of $31 billion in mortgage balances (0.3 percent) and $20 billion in student loan balances (1.4 percent). The Quarterly Report, and the following analysis, are both based on the New York Fed’s Consumer Credit Panel, which is itself based on anonymized Equifax credit report ...
Liberty Street Economics , Paper 20191113a

Discussion Paper
Have Consumers Been Deleveraging?

Since its peak in summer 2008, U.S. consumers? indebtedness has fallen by more than a trillion dollars. Over roughly the same period, charge-offs?the removal of obligations from consumers? credit reports because of defaults?have risen sharply, especially on loans secured by houses, which make up about 80 percent of consumer liabilities. An important question for gauging the behavior of U.S. consumers is how to interpret these two trends. Is the reduction in debts entirely attributable to defaults, or are consumers actively reducing their debts? In this post, we demonstrate that a significant ...
Liberty Street Economics , Paper 20110321

Discussion Paper
What’s Next for Forborne Borrowers?

We’ve spent the first three posts of this series discussing who has entered mortgage forbearance, and how their personal finances have developed during the course of the pandemic. In this fourth and final post, we will use Consumer Credit Panel (CCP) data to examine the profiles of those who remain in forbearance and those who have exited, and how the performance of household credit may evolve as the force of the pandemic begins to ebb and the economy reopens and normalizes.
Liberty Street Economics , Paper 20210519d

Discussion Paper
Just Released: Household Debt Balances Increase as Deleveraging Period Concludes

The New York Fed released the Quarterly Report on Household Debt and Credit for the third quarter of 2014 today. Balances continued to rise slightly, with an overall increase of $78 billion. The aggregate household debt balance now stands at $11.71 trillion, up 0.7 percent from the previous quarter, but still well below the peak of $12.68 trillion in the third quarter of 2008.
Liberty Street Economics , Paper 20141125

Discussion Paper
Just Released: Great Recession’s Impact Lingers in Hardest-Hit Regions

The New York Fed?s Center for Microeconomic Data today released our Quarterly Report on Household Debt and Credit for the fourth quarter of 2017. Along with this report, we have posted an update of state-level data on balances and delinquencies for 2017. Overall aggregate debt balances increased again, with growth in all types of balances except for home equity lines of credit. In our post on the first quarter of 2017 we reported that overall balances had surpassed their peak set in the third quarter of 2008?the result of a slow but steady climb from several years of sharp deleveraging during ...
Liberty Street Economics , Paper 20180213

Report
Do we know what we owe? A comparison of borrower- and lender-reported consumer debt

Household surveys are the source of some of the most widely studied data on consumer balance sheets, with the Survey of Consumer Finances (SCF) generally cited as the leading source of wealth data for the United States. At the same time, recent research questions survey respondents? propensity and ability to report debt characteristics accurately. We compare household debt as reported by borrowers to the SCF with household debt as reported by lenders to Equifax using the new FRBNY Consumer Credit Panel (CCP). Moments of the borrower and lender debt distributions are compared by year, age of ...
Staff Reports , Paper 523

Report
Trends in household debt and credit

Since the onset of the 2008 financial crisis, consumer financial and borrowing behavior, once considered a relatively quiet little corner of finance, has been of enormously increased interest to policymakers and researchers alike. Prior to the Great Recession, there was a historic run-up in household debt, driven primarily by housing debt, which coincided with a speculative bubble and sharp rises in home prices. Then, as prices began to fall, millions of households began defaulting on their mortgages, unable to keep up with home payments, and greatly contributing to the onset of the deepest ...
Staff Reports , Paper 882

Discussion Paper
Just Released: Household Debt and Credit Developments in the Nation and the Region in 2011:Q1

This post gives our summary of the 2011:Q1 Quarterly Report on Household Debt and Credit, released today by the New York Fed. The report shows signs of healing in household balance sheets in the United States and the region, as measured by consumer debt levels, delinquency rates, foreclosure starts, and bankruptcies— although the regional data are somewhat mixed. The report captures the debt and credit activity of an anonymous, nationally representative panel of U.S. households.
Liberty Street Economics , Paper 20110509a

Discussion Paper
Puerto Rico's Evolving Household Debts

Debt and its performance play a critical role in economic development. The enormous increase in mortgage debt that took place during the run-up to the 2007 financial crisis and the contribution of that debt to the crisis underscore the importance of household debt to financial stability and economic growth. While we regularly report on household debt at the national level and for selected states in our Quarterly Report on Household Debt and Credit, we have not reported separately on Puerto Rico. This post introduces metrics on household debt in Puerto Rico, which we plan to update regularly. ...
Liberty Street Economics , Paper 20160812

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