September 23, 2011
- Inman News reports that Lender Processing Services data shows that the homeowner in an “average” loan in foreclosure hasn’t made a payment in 599 days. The overallUSdelinquency rate is 8.34%.
- An article in the Wall Street Journal notes that the income of a typical American family has dropped for the third year in a row and is now at 1996 levels. The earnings for an average man is now lower than 1978 while the incomes for women are rising.
- Ken Harney writes in Inman News that there appears to be little appetite by the “super committee” to phase out or eliminate the mortgage interest tax deduction in the upcoming package except for possibly a phase-out or restriction on the MID for second homes. However, comprehensive tax reforms including capping the mortgage interest deduction or turning it into a tax credit and phasing out property tax write-offs are very much on the agenda for 2013 no matter who wins the election.
- Also in Inman News – Foreclosure starts jumped by double digits in August in 4 of 5 western states –Arizona,California,NevadaandOregon. Bank of America, Wells Fargo and US Bank ramped up foreclosure start filings while JP Morgan Chase and Citibank remained flat.
- The Drudge Report notes that mortgage default warnings across theU.S.surged in August. The number ofU.S.homes receiving an initial default notice jumped 33% in August from July – a 9 month high and the largest monthly gain in 4 years.