Dudley says US households responding more cautiously to house price growth

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Federal Reserve Bank of New York

Households in the US seem to be "much more cautious" in how they are responding to rising house prices now than in the run-up to the financial crisis, William Dudley has argued.

Speaking at the release of the Federal Reserve Bank of New York's latest Household Debt and Credit Report, on February 12, its president noted mortgage balances had "essentially stabilised".

As of December 31, 2015, total household indebtedness was $12.12 trillion. The largest component, at $8.74tn, was housing debt

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