About a week ago, an economist and housing analyst noticed some patterns in government consumer debt data that raised concerns for multifamily owners, investors, and operators.
Industry expert Greg Willet, chief economist at LeaseLock, posted on LinkedIn that the latest statistics from the Federal Reserve Bank of New York showed U.S. households carrying $1.211 trillion in credit card debt. According to the New York Fed’s release about the data and the report itself, that would be an annual increase of almost 7.3%.
"I keep a watch on these debt statistics, viewing shifts in the numbers that might alter the ability of households to meet their housing payment obligations," Willet wrote. "While I wouldn’t put any of the current metrics into red flag territory, it’s worth noting how quickly some households are running up credit card debt at the same time that payment delinquencies are beginning to rise."
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