HappySqurriel on 25 October 2008
| fkusumot said: Fun Fact: Foreclosures for houses valued at over $1mill have almost doubled in the last year. |
I could be wrong but I suspect this is because houses over $1 Million were more over-valued than most homes in the housing market, many people who bought these houses (foolishly) stretched to get the largest loans they possibly could (thinking that house values ‘always’ go up) and wealthier people are (potentially) more likely to cut there losses and walk away from a home that is worth (far) less than the mortgage.
