The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Kayaker	7/8/2010 7:37:55 PM
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Consumer Borrowing Dropped Again in May July 8, 2010, 3:06 PM ET By Jeff Bater Borrowing by U.S. consumers dropped for a fourth straight time during May, as Americans shored up finances amid a tepid economic recovery. Consumer credit outstanding decreased at a seasonally adjusted annual rate of 4.5%, down $9.1 billion to $2.415 trillion, a Federal Reserve report said Thursday. Economists surveyed by Dow Jones Newswires had forecast a $2.0 billion decline. It was the fourth time in a row that borrowing fell. Credit during April was revised to a decline of $14.9 billion from an increase of $954.8 million. The Fed data Thursday said revolving credit, or credit-card use, fell a 20th straight time in May, down $7.3 billion, or 10.5%, to $830.83 billion. Nonrevolving credit fell 1.4%. The category includes loans for cars, tuition, and vacations, among other things. The consumer-credit report doesn’t include numbers on home mortgages and other real estate-secured loans.... blogs.wsj.com

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