Vladimír Urbánek (Kurzy.cz)
Personal finance  |  October 15, 2012 15:36:38

American debt is the lowest in the last 18 years, wealth grows, hit the refinancing

Three years after the great financial crisis, Americans' personal finances back in shape. According to statistics from the U.S. Federal Reserve, household debt compared to their income on average in Q2 reached a level of about 113%, which is significantly less compared to 134% in 2007, just before the outbreak of the crisis. Long-term average since 1980, reaching the level of 94%.
Repayments of debt at this level in 3Q were lowest in the last 18 years, the rate of default on credit cards is the lowest since 2008.

Improving household debt position was, among other possible a rise in asset prices. Equity S & P 500 has risen since March 2009 by 111%. Property prices also began to rise in 2Q and increased most over the last 6 years.

Net wealth position as a percentage of revenue increased in 2Q to 527% compared to 477% in 1Q09, at the height of the financial crisis. The current record was recorded in this regard in 2006 at 652%. The long-term average since 1980 stands at 515%.

Refinancing mortgages currently reaches nearly three-year maximum values. As part of the refinancing, households try to use the current development rates and refinance senior obligations into shorter maturities.

NAHB estimates that the number of new buildings started in the next year will increase from this year about 750 000 to 900 000
Car sales are the highest since March 2008 and stands at 14.9 million units in annual terms. For 2013 is expected to overcoming the 15 million cars.

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