LegalShield Law Index: Consumer Financial Stress Falls To Lowest Level In Twelve Years
"The LegalShield Law Index shows that consumers are right to be confident right now, as consumer financial stress is at a 12-year low. As in previous months, however, we believe confidence is a bit overstated, as demonstrated by the inconsistent consumer spending data we've seen this year," explained
Another component of the LegalShield Law Index, the Housing Activity Index, is essentially flat on the year but remains historically strong, reflecting robust demand in the housing market. However, housing starts further weakened in September on the back of severe weather in
The LegalShield Law Index also addresses bankruptcy trends. Specifically, the LegalShield Bankruptcy Index, a leading indicator of monthly bankruptcy filings, suggests that bankruptcies will remain subdued in the near term. However, if the combination of student loan debt, auto loan debt, and credit card debt begin to drag on consumer financial health, bankruptcies may rise in the medium term.
Debuting in May, the LegalShield Law Index is made up of five indices: the LegalShield Consumer Financial Stress Index, LegalShield Housing Activity Index, LegalShield Bankruptcy Index, LegalShield Foreclosure Index, and LegalShield Real Estate Index. Each index depicts the health of the
Additional predictive takeaways based on the data through October:
- The LegalShield Real Estate Index rose (improved) 0.6 point to 102.4 in October, but is down 1 percent this year. The Index, a leading indicator of existing home sales, suggests that home sales are unlikely to improve in 2017. If builders begin to overcome significant hurdles and housing starts pick up, home sales may improve in early 2018.
- The LegalShield Foreclosure Index fell (improved) 5.4 points to 58.5 in October, and is down 19 percent year-over-year. This index is an advance measure of foreclosure activity and suggests that foreclosures should remain subdued in the short term."
The five
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