Million-dollar foreclosures rise as rich walk away

Discussion in 'Media' started by hvactec, Mar 12, 2012.

  1. hvactec
    Offline

    hvactec VIP Member

    Joined:
    Jan 17, 2010
    Messages:
    1,315
    Thanks Received:
    106
    Trophy Points:
    83
    Location:
    New Jersey
    Ratings:
    +132
    by elie on 07. mar, 2012 in Blog

    NEW YORK (CNNMoney) — Five years after the housing bubble burst, America’s wealthiest families are now losing their homes to foreclosure at a faster rate than the rest of the country — and many of them are doing so voluntarily.
    Over 36,000 homes valued at $1 million or more were foreclosed on — or at least served with a notice of default — in 2011, according to data compiled by RealtyTrac, which tracks foreclosures. While that’s less than 2% of all foreclosures nationwide, it represents a much bigger share of foreclosure activity than in previous years.

    Foreclosure Fiasco
    ‘How we’re losing our multi-million dollar home’
    Foreclosures made up one in four home sales
    Uncle Sam wants you to rent out its foreclosed homes
    Why the mortgage settlement is a fair deal
    Million-dollar foreclosures rise as rich walk away
    « These properties are accounting for a bigger piece of the foreclosure pie, » said Daren Blomquist, vice president of RealtyTrac.

    read more Million-dollar foreclosures rise as rich walk away | International Property Source
     
  2. Katzndogz
    Offline

    Katzndogz Diamond Member

    Joined:
    Sep 27, 2011
    Messages:
    65,659
    Thanks Received:
    7,418
    Trophy Points:
    1,830
    Ratings:
    +8,337
    The collapse of real estate made it attractive for everyone to walk away.

    To me, a million dollar home is a condo. I'd walk away too.
     
  3. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    A LOT of paper millionaires were heavily leveraged and even worse, many of those were heavily leveraged in flipping REAL ESTATE.

    So actually this STAT doesn't much surprise me.

    Plenty of those McMASIONS being build as second homes, vacation homes and speculative investor housing are going on the market because that CLASS of people got SERIOULY hurt by the recession.
     

Share This Page