FSBO BLOG

According to data from Equifax, one of the largest U.S. credit bureaus, the average credit score rose to 704 in July, a level not seen since the first quarter of 1998. This data is based on Equifax’s 200 million-plus files of U.S. consumers using credit. July also saw total consumer debt outstanding fall to $10.8 trillion from a peak of $11.5 trillion and the savings rate continue to move higher.  This pattern can also be seen in the banks balance sheets, they hold on to their cash (highest levels in 10 years) and do not lend.

Less debt, higher credit score, yet consumers continue to reduce debt and not spend. There likely is some pent-up demand for housing, but it will take improved consumer confidence and banks lending standards to improve housing sales.

This entry was posted on Monday, August 16th, 2010 at 7:16 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.