Earlier today, JPMorgan reported Q2 financial results that were much stronger than expected.
As an American banking behemoth with a broad footprint, it also acts as a bellwether of American household financial health.
Below is a chart of consumer credit delinquencies. As you can see, all of the curves are trending down. This comes as consumer credit rallies.
“The current quarter reflected a $950 million reduction in the allowance for loan losses due to lower estimated losses reflecting continued home price improvement and favourable delinquency trends across all products, compared with a reduction of $1.25 billion in the prior year,” said JP Morgan regarding their mortgage business.
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