Boulder County Foreclosures Reach Record High

hammer.gifAccording to a recent article in the Boulder County Business Report, a record 103 foreclosures were filed in Boulder County this recent August. According to Clucas’ article, nearly two thirds of the August foreclosures were filed for properties in Longmont.

Nationwide, a total of 243,947 foreclosures were filed in August, up 115 percent from August 2006, according to Realty Trac Inc. The monthly figure was the highest Realty Trac has reported since beginning to track foreclosures two years ago.

According to Bloomberg News today

The House approved a measure yesterday to protect borrowers from getting a surprise tax bill from the Internal Revenue Service after lenders foreclosed on their homes.

The bill, which still must pass in the Senate and be signed by President Bush to become law, would prevent the I.R.S. from taxing any debt forgiven in a foreclosure. The legislation would be retroactive to Jan. 1, sparing many of those who lost their homes to foreclosure this year from a surprise tax bill if their mortgage was canceled.

The measure passed by a vote of 386 to 27.

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-Zachary Epps, full-time professional Realtor® and EcoBroker®


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