In 2009, 18,817 properties worth at least $1 million faced foreclosure. That’s up 162 percent from 2008, reported foreclosure marketer RealtyTrac, and as featured in Forbes Daily Real Estate News | February 12, 2010
Luxury Homes in Foreclosure Go to Auction
An increasing number of homes with multi-million dollar price tags are going into foreclosure, and that’s driving desperate owners to sell at auction.
Prices of $1 million-plus properties are down about 25 percent since 2007, with an increasing number of desperate homeowners choosing auction sales over waiting for years for the right buyer to come along.
“Any homeowner selling in this economy is on the market because they have to be,” says John Brian Losh, CEO of LuxuryRealEstate.com, a Web site that specializes in high-end properties. “If they’re frustrated and they can’t figure out why they haven’t gotten any offers, they might think an auction will generate some interest.”
Source: Forbes, Francesca Levy (02/11/2010)
