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 the Great Recession.  Notably, however, mortgage balances remain 4.4 percent below their previous peak in nominal terms. The data also reveal considerable regional heterogeneity. Some regions of the country have long surpassed their earlier peak, while the areas hit hardest during the Great Recession—those with the largest home price declines and highest…

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