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February 2024 Credit Union Trends Report from TruStage

Household debt burdens, as measured by residential mortgages and consumer credit as a percentage of disposable personal income, fell to 88.1% in the third quarter of 2023, down from 91.7% in the third quarter of 2022. The Credit Union Trends Report also includes:

  • The personal savings rates averaged only 4.5% in 2023, below the 6% long run average, creating a headwind for credit union deposit growth.
  • Real home prices rose only 1% in 2023, the second year of a home price downcycle.
  • The housing market closed 2023 on a weaker note as existing home sales fell 1% to a 3.78 million seasonally adjusted annual rate in December from November and fell 6% from December 2022.

The trends report includes data from the previous two months and is published and distributed by Steven Rick, Chief Economist from TruStage. You can review the February 2024 Credit Union Trends Report in its entirety here.

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