Home News Here Come the HELOCs in Household Debt: Mortgages, Delinquencies, and Foreclosures

Here Come the HELOCs in Household Debt: Mortgages, Delinquencies, and Foreclosures

May 15, 2024

If residential mortgages get messy, banks are largely off the hook this time.

Mortgage balances rose by $190 billion, or by 1.6% in Q1 from Q4, and by 3.3% year-over-year, to a record of $12.4 trillion, according to the Household Debt and Credit Report from the New York Fed. Mortgages account for 80% of total household debt.

But HELOCs (home equity lines of credit) are rising from the ashes. Balances jumped by 4.4% for the quarter, and by 10.9% year-over-year – more in a moment.

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