SaveUp released its June U.S. Consumer Savings and Debt Report and it revealed that the West was recovering and taking on more mortgage debt while the South and Midwest continue to shed debt to clear economic woes.
In the Midwest the average mortgage debt load decreased May to June by $2,416, while the Northeast experienced a smaller decrease of $1,421 on average. However, the South saw an increase in average mortgage load to the tune of $1,209, while the average mortgage load in the West increased by a staggering $2,791. The drop in average mortgage debt in the Midwest was primarily driven by Michigan, where the average debt load dropped $10,131 from May to June. However, the increasing mortgage debt in the West was primarily influenced by California, where mortgage debt increased $2,128.
Read More here: Mortgage Debt: New Findings