High End Foreclosures

You think that is not possible? Such people have tons of money and can sit out the market downturn and financial crisis? That would be nice but these individuals have also their financial troubles. The only difference is that their foreclosure drama often starts later then that one of you and me.

The housing crisis and the stock market crash in 2008 affected the wealthier people with home values of $750,000 and more in the same way but they could survive the meltdown and avoid foreclosure longer than the ordinary middle class. The ordinary housing market had its highest foreclosure level in October 2011 while the high priced luxury market had its highest numbers in May 2012 and it is not yet over.

The states with the largest number of high end luxury mansions in the foreclosure process are New Jersey, New York and Florida. These states belong also to the states where many rich people own their primary or secondary residence.

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