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US mortgage debt hits a record high of $15.8trn

The outstanding mortgage debt for all holders in the US hit a record high of $15.8 trillion in Q3 2019. Data compiled by LearnBonds.com indicates that the latest amounts are the highest since the 2008 economic crisis which stood at $14.7trn.

After the great depression, the home mortgage sector rates showed a steady decline in recent years to hit a low of $13.3tn in the third quarter of 2013. It should be noted that the economic crisis was sparked by various factors including the American housing bubble. From Q3 2013, mortgage debt in the US has increased at a steady trajectory to hit the latest figures recorded in 2019.

There has also been a steady increase in both new and existing house sales in the US since 2011 when 4.75m units were sold. In 2019, the estimates suggest that a total of 6.44m houses were sold, an increase of 26% in less than a decade. This indicates that the US economy has been recovering steadily since the global financial crisis a decade ago.

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