More bad housing news

Via ABCNEWS, click link for complete story

U.S. Home Prices Fall Fastest in at Least 8 Years

All 20 Metro Areas Surveyed Showed Home Price Declines According to a Prominent National Index

By J.W. ELPHINSTONE
AP Business Writer
June 24, 2008

NEW YORK (AP) -- U.S. home prices tumbled in April at the fastest rate since a widely-followed index was begun in 2000 with all 20 metropolitan areas posting annual declines for the first time.

In the News: Rich Avoiding Taxes

via ABCNEWS

They Earn $200,000 and Pay No Taxes
Find Out How These Rich Folks Avoided Paying Any Income Taxes
By KEVIN McCOY
June 15, 2008—



Death is inevitable, but federal income taxes aren't for an increased number of high-income earners.

New IRS statistics show 7,389 federal tax returns with $200,000 or more in adjusted gross income reported no federal income taxes in 2005. That's a 161% jump from the 2,833 comparable returns filed in 2004.

Additionally, 4,224 of the over-$200,000 earners reported no worldwide income tax liability on their 2005 returns, the IRS data show. That represents a 75% increase from the 2,420 comparable returns filed in 2004.

The data are the most recent available from the IRS. It shows a rising number of high-income earners have avoided the alternative minimum tax, which was intended to ensure that tax shelters, deductions and loopholes wouldn't exempt wealthy Americans from paying at least some federal income tax.

"It's an interesting case study on how people find ways to avoid paying taxes," said Howard Gleckman, a senior research associate and tax blog editor at The Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution.

The increases stem in part from two tax law changes, according to the IRS Spring 2008 Statistics of Income Bulletin.

Responding to Hurricane Katrina, Washington exempted charitable contributions between Aug. 27, 2005, and Jan. 1, 2006, from the overall limit on itemized tax deductions and the 50% of adjusted gross income limit for such giving. The one-time change wasn't limited to hurricane-related contributions.

REST OF THE STORY ON ABCNEWS.COM AT THIS LINK

In the News: Foreclosures/Economy

source ABCNEWS

US Foreclosure Filings Surge 48 Percent in May
Nationwide, 261,255 Homes Received at Least One Foreclosure Filing in May
By ALAN ZIBEL AP
Business Writer
WASHINGTON June 13, 2008 (AP)

The number of U.S. homeowners swept up in the housing crisis rose further last month, with foreclosure filings up nearly 50 percent compared with a year earlier, a foreclosure listing company said Friday.

Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48 percent from 176,137 in the same month last year and up 7 percent from April, RealtyTrac Inc. said.

One in every 483 U.S. households received a foreclosure filing in May, the highest number since RealtyTrac started the report in 2005 and the second-straight monthly record.

READ ENTIRE ARTICLE AT ABCNEWS

A message from the astronaut who recently lost his mother

I hate reading about stories and then not hearing a followup. I was glad that Abcnews.com reported that a statement was released. My prayers go with Tani & his family.

Here is the text of Tani's message:

"I would like to thank everyone who has expressed their condolences during this time of grieving for me and my family. Living on the space station means that I experience all aspects of life -- be they joyous or tragic -- while circling the Earth without a convenient way to return. Of course, I was aware of this situation before my mission and I fully accept that I will proudly complete my mission on the International Space Station and join my family when I return. My NASA management and colleagues have been fully supportive through this and I would like to thank them for their concern and compassion.

"My mother was a complete joy. Those who knew her will know that words cannot describe her vitality, generosity and warmth. She was my hero. We will all miss her dearly."