The Real Deal Miami

Luxury home defaults rise

May 18, 2009 11:34AM

The most expensive homes in the United States are hitting foreclosure at a much higher rate than the national average. Houses valued above $729,750, the jumbo mortgage limit in the priciest metropolitan area, entering the foreclosure process jumped 127 percent during the first 10 weeks of this year from the year-ago period, according to RealtyTrac. The rate rose 72 percent for homes valued at less than $417,000 and 78 percent for all homes, RealtyTrac said.