California Home-Price Cuts End Sales Losing Streak
May 27 (Bloomberg) — Housing demand in California, where one out of every eight U.S. residents lives, is reviving as bargain hunters buy foreclosed properties, reversing a two-year slide in home sales.
Sales in the state increased 2.5 percent in April, following 30 consecutive declines, the California Association of Realtors said in a May 23 report. […]
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 […]
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
California home prices fall 26 percent amid foreclosures
A glut of foreclosed homes helped prompt a 26 percent plunge in California home prices in March, highlighting a trend that experts said is likely to continue as low, introductory interest rates expire for people who bought near the height of the housing boom…
The nationwide foreclosure glut is expected to worsen in May and June […]
Fraud seen as Driver in Wave of Foreclosures
Wall St Journal 12/21/07 article states:
“Skyrocketing foreclosures are a testament to how easy it was to borrow from mortgage lenders in recent years…
In 2006, losses from fraud could total a record $4.5 billion, a 100% increase from the previous year, says Arthur Prieston, chairman of the Prieston Group, which provides lenders with mortgage-fraud insurance and […]
October Home Sales Fall 20.7% Nationwide
According to LA Times 11/29/07 article
California home sales in October dropped 40.2% from a year earlier and nationwide, sales of existing homes fell 20.7% from a year ago.
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