Household Wealth Increases

According to the Federal Reserve in a article, the average American’s financial situation has improved.

And that means good news for the mortgage market, which has been stressed by the recently increasing number of borrowers who have had trouble paying their mortgages because of deteriorating personal finances.

During the third quarter (from July to September), household wealth has grown by an average of 2.2 percent, or $1.2 trillion.  Also reported was that the household net worth has recovered $1.1 trillion.  Americans are continuing to pay down personal debt, with consumer credit decreased by 1.5 percent and the mortgage debt by 2.5 percent.

All together, the financial boost to the average American should give U.S. consumers, as well as the economy and employment, added confidence and a bit more security.  Great news to read in these financial times!

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