Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021.
Mike Blake | Reuters
Household debt rose by its highest dollar amount in 14 years during the second quarter, thanks mostly to a surge in the housing market that brought the collective American IOU to just shy of $15 trillion, the Federal Reserve reported Tuesday.
Total debt balances jumped $313 billion in the April-to-June period, the sharpest rise since the same period in 2007.
As a share of debt, that represented a 2.1% increase, the fastest pace since the fourth quarter of 2013.
Most of the gain came from mortgage originations, both initial…