WASHINGTON, D.C. – November 20, 2015 – (RealEstateRama) — Auto debt continued its upward climb during the third quarter of 2015, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit. Auto loan balances increased for the 18th straight quarter, this time by $39 billion, and stand at $1.05 trillion as of the end of September.
Delinquency trends were mixed in the third quarter. Foreclosures hit a new low in the 17-year history of the data. The share of mortgage balances 90 or more days delinquent dipped to 2.3 percent from 2.5 percent in the previous quarter.
Auto loan originations were $151 billion in the third quarter. New charts introduced in this quarter’s report show that $33 billion of this sum was originated by borrowers with credit scores below 620, near the 10-year high.