A New York Fed survey published earlier this week indicated that, in the fourth quarter of 2023, auto loan delinquencies reached levels not seen since right after the Great Recession more than a decade ago.
As a refresher, the data from Tuesday by the Federal Reserve Bank of New York showed (read: ZH report here ) the rate at which car owners are behind on their payments hit an annualized rate of 7.7%, the highest level since 2010. “Delinquency transition rates have pushed past pre-pandemic levels, and the worsening appears to be broad-based,” researchers at the NY Fed wrote in a blog post.
Given that we already covered this in a report titled Credit-Card & Auto Delinquencies Soar, Especially Age Group 18-39 , as well as other eye-opener credit reports in recent weeks: Banks Report Tighter Standards, Weaker Loan Demand But Some Improvement As Financial Conditions Ease
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