You can cut the numbers in several ways, but no matter the way it is reported, American households are in relatively good shape when it comes to mortgage debt. While this isn’t a number many homeowners think about after they get up from the closing table, CoreLogic points out that it could be very important in the inevitable next recession.
Ralph McLaughlin, writing in CoreLogic’s Insights blog, says that mortgage debt fell to 64.6 percent of total household debt in the third quarter of this year, the lowest share since the first quarter of 1988. Looked at another way, mortgage debt as a share of disposable household income it at 65.9 percent, the lowest since the second quarter of 2001. …
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