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» VISIT US ONLINE @ DSNEWS.COM 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 THE LEADER IN DEFAULT SERVICING NEWS Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com. New York STRENGTH THROUGH LEADERSHIP WISDOM THROUGH EXPERIENCE Mitigating Your Risks and Maximizing Your Returns NEW YORK'S FINEST PROVIDER OF DEFAULT REAL ESTATE SOLUTIONS SINCE 1988 Todd Yovino Broker/Owner Island Advantage Realty, LLC Serving Metro New York & Long Island Todd@iarny.com | 631-820-3400 www.islandadvantage.com 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%