Million-dollar foreclosures rise as rich walk away

[hvactec]

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.

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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

 

[Katzndogz]

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.

 

[editec]

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.