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81
NY Fed Weighs in on
Economy and Housing
According to the the Federal Reserve Bank
of New York's Center for Microeconomic
Data's August 2018 Survey of Consumer
Expectations, home-price growth expecta-
tions fell for the second month in a row, while
income and spending growth expectations
remained relatively stable. Household financial
situation expectations improved, according to
the report.
e survey found that consumer home-
price expectations stood at a median of 3.6
percent as of August, compared to 3.7 percent
in July and 3.9 percent in June. However, this is
still higher than the 3.4 percent 12-month aver-
age. By age, the oldest consumers expected the
biggest changes in home prices, according to
the report. Consumers over 60 expected home
prices to increase by 4.22 percent, compared
to 3.17 percent for consumers aged 40–60, and
3.26 percent for those under 40.
Still, according to the Q2 Household and
Debt and Credit Report from the New York
Federal Reserve, housing debt was still on
the rise. Housing debt, which consistently
comprises the largest share of consumer debt,
made up $9.43 trillion of consumer debt in the
second quarter, and mortgage balances rose by
$60 billion during that period.
According to the Fed's survey, mean un-
employment expectations—or the mean prob-
ability that the U.S. unemployment rate will
be higher one year from now—jumped from
34.2 percent in July to 35.3 percent in August,
reaching its highest level since October 2017.
e survey found that mean perceived prob-
ability of losing one's job in the next 12 months
and the mean probability of leaving one's job
voluntarily in the next 12 months declined
from 14.0 percent to 13.8 percent and from 23.2
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NEWS
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STRENGTH THROUGH LEADERSHIP
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NEW YORK'S FINEST PROVIDER OF
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was the amount
New York City rents
increased between
2010 and 2018.
Source: StreetEasy report entitled
"Uneven Burdens: How Rising Rents Impact
Families and Low-Income New Yorkers"
STAT INSIGHT
31%
