by Calculated Danger on 6/07/2024 12:36:00 PM
The Federal Reserve launched the Q1 2024 Circulation of Funds report as we speak: Monetary Accounts of the US.
The web value of households and nonprofits rose to $160.8 trillion through the first quarter of 2024. The worth of straight and not directly held company equities elevated $3.8 trillion and the worth of actual property elevated $0.9 trillion.
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Family debt elevated 2.9 % at an annual charge within the first quarter of 2024. Client credit score grew at an annual charge of 1.8 %, whereas mortgage debt (excluding charge-offs) grew at an annual charge of two.1 %.
Click on on graph for bigger picture.
The primary graph exhibits Households and Nonprofit web value as a % of GDP.
Web value elevated $5.1 trillion in Q1 to an all-time excessive. As a % of GDP, web value elevated in Q1, however is beneath the height in 2021.
The second graph exhibits home-owner % fairness since 1952.
Family % fairness (as measured by the Fed) collapsed when home costs fell sharply in 2007 and 2008.
In Q1 2024, family % fairness (of family actual property) was at 73.8% – up from 73.4% in This fall, 2023. That is near the very best % fairness because the Sixties.
Observe: This contains households with no mortgage debt.
The third graph exhibits family actual property property and mortgage debt as a % of GDP.
Mortgage debt elevated by $38 billion in Q1.
Mortgage debt is up $2.38 trillion from the height through the housing bubble, however, as a % of GDP is at 46.3% – down from This fall – and down from a peak of 73.3% of GDP through the housing bust.
The worth of actual property, as a % of GDP, elevated in Q1 – however is beneath the height in Q2 2022, and is nicely above the typical of the final 30 years.