Real estate bucked the trend by growing by $46 billion, but that was only a 0.3% improvement. Of almost as great a help to household balance sheets was a cutback in debt. Mortgage loans held by consumers declined $49.3 billion, while outstanding consumer loans fell by $15.4 billion.
It's probably safe to assume to mortgage and loan debt dropped due to foreclosures and bankruptcies. If we are in housing double dip as declared by CNBC. It's going affect household balance sheets even more.