New research from the New York Federal Reserve says that mortgage balances in the states impacted most by the housing crisis are muted, compared to other states that have had stronger recovery.
By the end of 2017, 4.7 percent of outstanding debt was in some stage of delinquency. Mortgage balances delinquent by 90 days or more last quarter stood at 1.3 percent, while 11 percent of student loans are delinquent or in default. Student debt stood at $1.38 trillion at the end of the quarter. Both credit card and auto loan delinquency have risen over the past year, per MarketWatch.
Some states, like Texas, North Dakota and Delaware, have mortgage balances more than 10 percent above their previous peak. There are eight states with balances at least 10 percent below their earlier peak, including Florida, Arizona, Nevada and California, all severely affected during the Great Recession. “The regional differences clearly show that the echoes of the financial crisis still linger,” said Donghoon Lee, research officer at the New York Fed.
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