ATLANTA, April 4, 2018 /PRNewswire/ -- Outstanding first mortgage balances in February 2018 reached a total of $8.81 trillion, adding more than $1 trillion since the trough in 2013, and nearing the industry all-time high of $9.04 trillion recorded in 2008, according to data from the latest Equifax (NYSE: EFX) National Consumer Credit Trends Report. The latest report also found:
"Despite nearing the pre-Great Recession peak in nominal terms, the market for first mortgages is in a much healthier place than in 2008, with low interest rates and normalized home prices supporting affordability" said Gunnar Blix, Deputy Chief Economist for Equifax. "Borrowers are also taking advantage of favorable used car prices and opportunities to consolidate high-interest debt with consumer finance loans."
Additional data from the Equifax National Consumer Credit Trends Report includes:
"Consumers benefit from these trends as well," said Blix. "Understanding how auto markets are shifting and learning which credit markets have favorable terms can help them make more informed personal decisions."
Leveraging data from the Equifax U.S. Consumer Credit database of more than 210 million consumers, the Equifax National Consumer Credit Trends Report reveals population-level debt and lending insights, including originations, balances, number of loans, delinquencies and more.
Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 10,300 employees worldwide.
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SOURCE Equifax Inc.