Remember when I talked about how the foreclosure crisis is much more localized than the mainstream media would have you believe? Well, check this out… According to a recent report in USA Today, 35 counties accounted for 50% of the foreclosures that occurred in 2008. Amazing how such a small cross-section of the county could [...]

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If you listen to media reports, you might think that there’s an astronomical foreclosure crisis affecting every neighborhood in America. But guess what? A recent study by University of Virginia researchers has revealed that 87% of the dollar losses stemming from foreclosure activity were concentrated in just four states: California, Florida, Nevada, and Arizona.
Sure, you [...]

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In response to my previous post about when the recession will end, a reader named Neal wondered aloud if we’re entering a new paradigm — one in which the old economic rules no longer hold.
“We could always say that the market will do this or that based on history. But based on what is going [...]

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Consumer confidence is stumbling, the stock market is tumbling, and unemployemnt is soaring. We’re now 14+ months into a severe recession, and the news just seems to keep getting worse. When will it all end? It’s hard to say for certain, but economic experts have made their share of predictions. But before we talk about [...]

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Are you eligible for the new $8,000 first-time homebuyer tax credit? Wondering how to claim it? Well, you’ve come to the right place. Earlier today, a sharp-eyed reader named Sonny pointed out that the IRS just issued a revision to Form 5405 yesterday. This form, title “First-Time Homebuyer Credit” walks you through the process of [...]

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Yesterday afternoon, the economic stimulus package was signed into law. After weeks of wrangling and lots of speculation, the final bill included $212B in tax cuts along with $575B in spending. So what’s in it for you? What follows is a rundown of some of the major taxpayer benefits.
“Making Work Pay” Credit
While you won’t be [...]

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Update: I’ve posted additional details surrounding this credit and how to claim it. Please click through to read: How to Claim the First-Time Homebuyer Tax Credit.

Okay, details regarding the House/Senate compromise on the economic stimulus package are starting to come out. As I noted yesterday, the Senate’s $15,000 homebuyer tax credit has been stripped from [...]

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Breaking news out of Congress… After the Senate inserted a $15,000 tax credit for homebuyers into the economic stimulus package, it appears to have been removed while the House and Senate were reconciling their two versions. From an AP News report:
Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out [...]

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If you didn’t receive a stimulus check last year (or if received less than the full amount) and your circumstances have changed such that you now qualify (or qualify for more), then listen up…
The “Recovery Rebate Credit” is a one-time tax credit that’s intended to make up for the unpaid portion of your stimulus payment [...]

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Big news tonight… The Senate just voted to give a tax credit of up to $15,000 to homebuyers. While I haven’t found details of the proposed implementation, I know that Senator Johnny Isakson of Georgia was pushing for a larger credit that would be available to all buyers of a primary residence, not just first-time [...]

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