Million-Dollar Foreclosures, Just Bring Your Checkbook
Maybe the rich aren't so different from us after all. RealtyTrac
reports that the number of million-dollar-and-up homes in foreclosure has doubled since 2007 and now represents about 2.3 percent of all homes circling the drain.
While it may provide little comfort to know that someone else's fall from the wealth ladder was even steeper than your own, the truth is that this has been an equal opportunity housing market crash. The first wave of foreclosures
may have been from those who bought into tract development projects on loans arranged by builders, but the second wave quickly washed ashore those who moved up into luxury custom homes via adjustable rate loans
And at the end of the day, everyone is standing on the same beach and answering the same calls from the collection guys.
Here are some of the highest-end homes in foreclosure.