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Property debt burdens

Author

Listed:
  • Mark Doms
  • Meryl Motika

Abstract

With households' property debt surging, the use of adjustable-rate mortgages increasing, and interest rates rising, some observers have raised concerns about households' ability to service that debt. To gain a better idea of the distribution of property debt burdens and how it has changed over time, this Economic Letter presents data from the Survey of Consumer Finances (SCF), which contains information on different types of property debt, debt service, and income. The SCF data show that property debt burdens in 2004 were only slightly higher than they were in the mid-1990s. Also, although the use of adjustable-rate mortgages has increased, many households that have some of their property debt in these instruments have fairly low debt burdens, suggesting that they could successfully adapt if their mortgage payments were to increase.

Suggested Citation

  • Mark Doms & Meryl Motika, 2006. "Property debt burdens," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jul28.
    • Handle: RePEc:fip:fedfel:y:2006:i:jul28:n:2006-18
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    Citations

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    Cited by:

    1. Mark Doms & Meryl Motika, 2006. "The rise in homeownership," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue nov3.
    2. Eric Tymoigne, 2007. "A Hard-Nosed Look at Worsening U.S. Household Finance," Challenge, Taylor & Francis Journals, vol. 50(4), pages 88-111.
    3. Ms. Evridiki Tsounta, 2011. "Home Sweet Home: Government's Role in Reaching the American Dream," IMF Working Papers 2011/191, International Monetary Fund.

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