Foreclosure filings hit record in April
By Kenneth Musante, CNNMoney.com staff writer
Last Updated: May 14, 2008: 8:08 AM EDT
U.S. foreclosure filings reached a record high in April, rising almost 65% over the previous year and putting municipalities at risk by cutting into the value of taxed property, according to a study released Wednesday.
Some 243,353 households, nearly one in 519, received a […]
Baseball star Canseco loses home to foreclosure
LOS ANGELES (Reuters) - Former U.S. baseball star Jose Canseco said on Thursday he had lost his California mansion to foreclosure — one of the first celebrities to publicly admit being a statistic in the U.S. housing crisis.
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U.S. Income Tax/Real Estate Foreclosures
Under IRC § 61(a)(12), a Taxpayer realizes income to the extent of debt forgiveness. Income must be recognized when a taxpayer satisfies or retires a loan for an amount less than the loan’s full face value. The taxable income is the difference between the face amount of the debt and the amount accepted as consideration […]
Top 10 Foreclosure States
Top 10 States for Foreclosures in March based on recent data from RealtyTrac.
Nevada: 1 in 139 homes
California: 1 in 204 homes
Florida: 1 in 282 homes
Arizona: 1 in 283 homes
Colorado: 1 in 339 homes
Georgia: 1 in 351 homes
Ohio: 1 in 448 homes
Michigan: 1 in 475 homes
Massachusetts: 1 in 486 homes
Maryland: 1 in 538 homes
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