Borrowing Statistics
By Credit.com
Auto Loans- 13 million new cars and light trucks were sold in 2008, with an average vehicle price of $27,958. (Source: Huffington Post)
- The average household owned 2.5 vehicles in 2007. Car ownership and operating expenses account for 18% of annual household expenditures, nearly the same amount as annual food and health care expenditure combined. (Source: Bureau of Labor Statistics)
- The national 60-day auto loan delinquency rate was .80% in the third quarter of 2008, up from .68% in the second quarter. Over the same quarter in 2007, the delinquency rate increased 15.9% (Source: TransUnion)
Home Loans & Homeownership- The US homeownership rate was 67.9% in Q3 2008, down from a high for 69.2% in Q2 2004. In 1981, the homeownership rate was 65.2%. (Source: US Census Bureau, “Report on Residential Vacancies and Homeownership”)
- The median monthly housing cost for a homeowner in 2007 was $927. The median monthly cost for renters was $755. For new construction residences less than 4 years old, this amount increased to $1,371. (Source: US Census Bureau, “American Housing Survey for the United States: 2007”)
- The average rate for a 30-year mortgage for the last week of December 2008 was 5.10%. (Source: Freddie Mac, “Weekly Primary Mortgage Market Survey”)
- The delinquency rate for mortgage loans was 6.99% at the end of the third quarter of 2008, up 58 basis points from the second quarter of 2008 and up 140 points from the previous year. This is the highest total delinquency rate recorded by the MBA. 2.97% of mortgage loans were in the foreclosure process at that time. (Source: Mortgage Bankers Association)
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