High Percentage Entering Foreclosure With Negative Equity
| County/State | Percent entering foreclosure with negative equity: |
| Wayne County, Mich. | 38.6% |
| Clark County, Nev. | 22.9% |
| Maricopa County, Ariz. | 15.9% |
| Riverside County, Calif. | 18.7% |
| Los Angeles County, Calif. | 10% |
| Cook County, Ill. | 12.8% |
| Broward County, Fla. | 17.79% |
| Sacramento County, Calif. | 26.7% |
| Miami-Dade County, Fla. | 11.6% |
| San Bernardino County, Calif. | 18% |
| San Diego County, Calif. | 16% |
| Macomb County, Mich. | 37.9% |
| San Joaquin County, Calif. | 31.5% |
| Lee County, Mich. | 36.5% |
President Bush Signs Foreclosure Tax Relief Bill Into Law
President Bush signed into law today a new measure to provide tax relief for homeowners facing foreclosure or bankruptcy. The bill eliminates federal taxes due from homeowners who have had mortgage debt forgiven as part of a foreclosure or the renegotiation of a loan. Currently such debt forgiveness has been treated as taxable income.
The bill arose in response to the current mortgage crisis and is anticipated to reduce taxes on strapped homeowners by $650 million. “When you’re worried about making your payments, higher taxes are the last thing you need to worry about,” Bush said at the bill-signing ceremony. With some 2+ million adjustable-rate mortgages scheduled to reset through 2008, the new law will be a nice holiday gift for many homeowners facing tough times ahead.