Pandemic leads to housing boom and lower credit card debt, new data shows
and last updated 2021-02-26 15:24:34-05
It could take a while for our economy to return to pre-pandemic form.
The Back-to-Normal tracker from CNN and Moodyâs Analytics says since October, the economy has been stagnant, operating around 80% of its pre-pandemic level.
But despite the difficulties that so many families are still experiencing, the New York Federal Reserve recently released a report that shows some encouraging signs.
According to the data, the mortgage balance, or the amount owed at a particular point in time during a mortgage loan, in 2020 grew by $182 billion, the largest increase since 2007, which shows the housing market has exploded.
Pandemic leads to housing boom and lower credit card debt, new data shows
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Pandemic leads to housing boom and lower credit card debt, new data shows
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