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Mortgage debt surges in fourth quarter

Mortgage debt surges in fourth quarter

“Despite recovered house prices, mortgage balances remain far below their previous peaks in the states that were hardest-hit by the Great Recession,” said Donghoon Lee, New York Fed research officer. “While the subdued mortgage balance levels of these areas should not necessarily be interpreted as a negative outcome, the regional differences clearly show that the echoes of the financial crisis still linger.”

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