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Foreclosure woes of the rich and famous

Posted on 20 August 2012

More than 4 million homes have been foreclosed on in the past five years and another nearly 192,000 were in the foreclosure process as of July. Now the foreclosure wave is pulling in more celebrities and the wealthy.
“We are seeing foreclosure activity on higher-end homes increase at a faster pace for the past two years,” says Daren Blomquist, vice president of RealtyTrac. From 2007 to 2011, foreclosure activity on homes worth more than a $1 million increased 489%, compared to a 105% increase on properties under $1 million, according to the Irvine, Calif.-based real estate information provider………………………………………..Full Article: Source


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