Americans are taking out mortgages like they haven’t since the Great Recession.
According to the Federal Reserve’s
flow of funds report, total outstanding mortgage debt grew by 1.9% in the third quarter of 2016. That’s the highest jump in outstanding housing debt since the third quarter of 2008.
The data dovetails with those issued by the Census Bureau of late, which showed that sales of newly constructed homes
jumped 17.8% year-over-year, and data from the National Association of Realtors which
showed that existing home salesrose nearly 6% in October over 2015 to reach a new cyclical peak.