Mortgage debt rises to 4-year high

Increased mortgage borrowing was behind a 1.1 percent rise in U.S. household debt in the first quarter, with slowdowns in other areas such as credit-card balances and auto loans, according to the Federal Reserve Bank of New York. Total mortgage debt rose 1.5 percent from the final quarter of 2015 to $8.37 trillion, marking the highest level since the third quarter of 2011, according to the New York Fed’s quarterly report on household debt and credit, released Tuesday. Auto-loan debt rose to a record high of $1.07 trillion in data going back to 2003, but logged the smallest percentage increase since 2012. “Delinquency rates and the overall quality of outstanding debt continue to improve,” Wilbert van der Klaauw, senior vice president at the New York Fed, said in a statement.

New-home sales surge to highest level in 8 years

Purchases of new homes in the U.S. surged in April to the highest level since the start of 2008, pointing to a robust spring selling season for builders. The rebound in purchases of new properties, combined with stronger demand for previously owned homes, signals housing is being energized by healthy employment gains and cheap borrowing costs. The jump in the number of homes sold and awaiting the first shovel in the ground indicates home construction will help add to economic growth in the second quarter. Sales jumped 15.8 percent in the South to a 352,000 annualized rate, the fastest since December 2007 Purchases rebounded 18.8 percent in the West and also surged in the Northeast, the smallest U.S. region for home sales

Cargill plans to keep several operations in Wichita

Agribusiness giant Cargill said Tuesday it will keep its protein operations in Wichita, Kansas, and search for a new facility to house them. Wichita is home to the company's beef business and its turkey and cooked meat business, which includes deli meats. Its processed protein services, such as its North American egg business and its food distribution, also are located in Wichita. The Minneapolis-based company had been considering moving its Wichita operations to another location, citing workflow issues with having people in multiple buildings in the city. The company has been looking for the past six months at relocating its protein operations, possibly to Texas or Colorado, before ultimately deciding to stay in Wichita.

is "the right place for us," Sikes said.