Home mortgage debt fell to $9.4 trillion at the end of 2012, down from a record of $10.6 trillion in 2008, Bloomberg reported in an article.

According to data from the Federal Reserve, the amount U.S. households have in bank deposits, savings bonds, fixed-income mutual-funds and municipal securities increased $500 billion last year, totaling the most since 2007.

The significant decrease in mortgage debt reflects foreclosures, lower property prices and tighter credit, the article says. Since the collapse of Lehman Brothers froze financial markets in 2008, consumers have pulled back on taking out home loans.

Instead, people funneled $1.04 trillion into Treasuries last year, opposed to only $648 billion in 2011, the article reports.