The Real Deal Miami

Foreclosure rate to rise for pricey homes

April 09, 2010 12:04PM

Industry experts say that more high-end property owners are likely to receive home foreclosure notices this year, according to the Wall Street Journal. Houses with mortgages above $5 million, in particular, will see a sharp uptick in foreclosures, according to a recent RealtyTrac study, with 352 homes in his category receiving notice in the month of February alone. This pattern of high-end homeowners foreclosing toward the end of a mortgage crisis has been seen before, economists say, in part because owners of pricier properties tend to have the financial means to ride out a crisis longer than other homeowners.