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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