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Foreclosure is plaguing home owners in some of the wealthiest counties in the nation. Homes sold on the auction block this month for as much as $852,000, more than four times the median home price in the United States, and auction officials believe that even higher-priced foreclosures are in the pipeline. "Because of the financing that was possible, so many people bought the bigger house, the million-dollar house with the bowling alley or the tennis court outside," says Deborah Guzek, who works for a nonprofit credit counseling service in Farmington Hills, Mich.
About 40 percent of pricey homes that were bought last year were second homes or investment properties. Josh Rosener, managing director at investment research firm Graham Fisher & Co., says these homes are even more likely than others to go into foreclosure. "There's a different underpinning and thought and relationship between the buyer and home, which is a unique feature of this credit cycle," he says.
Source: Reuters News, Walden Siew
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