Rich American families are facing foreclosure

Rich American families are facing foreclosure

A tragedy for many often becomes an opportunity for others

Five years after the bursting of the housing bubble, America’s rich families have also been affected by the crisis and are now losing their homes to foreclosures.

Realty Trac has spread the news that over 36,000 1-million-dollar homes were foreclosed in 2011, which is a considerable foreclosure activity rise. In particular, the share of foreclosures on million-dollar properties has risen by 115% since 2007. On the contrary, foreclosures on mid-range properties fell by 21%.

Many high-end homeowners have made a business decision. They have preferred to move away from their home, even if they can afford the monthly mortgage payments, due to the fact that they owe more on the property than it is worth.

What’s the situation in Florida? 47% of homes are under water. Most sales are homes in distress. Thousands of homes are on the market. Listings on the internet show how a tragedy for many becomes an opportunity for others. There are homes for sale for as low as 5,000 dollars on the market and investors are interested in entire neighbourhoods.

Chip Parker – a foreclosure defence litigator – highlighted how the sense of community is lost when neighbours are forced to go away and leave their home vacant. Sid Rosenberg said the average home price is down 80,000 dollars from the peak. The foreclosure started before the job loss, but fixing the job market is undoubtedly a key factor to fix the housing market. If people do not have a job , or even if people have a job, but it is not consistent, they do not feel good about buying a house.

Read also:

·         Building despite the bubble

·         Guide for home sellers

·         Home selling: are auction sales convenient?

·         Million dollar deals in New York

·         House prices worldwide

Search property:

Real Estate Listings

2 bedroom, 2 bathroom unit measures 1,103 ft2 (102 m2). Magnificent views of Intracoastal Waterway and Atlantic Ocean. High impact windows, high impa...
Cod. 31498

For sale House, Florida, Polk County, Kissimmee, James Drive

200,000.00USD
For sale
House

325.16 m²
Move In, Like New Ready*2007 Naples A Plan includes Highest Feature Package & Lot Elevation*Large Living Room w/Tiled Foyer & Architectural Shelf*4 La...
Cod. 31330

For sale House, Florida, Palm Beach County, Miami, 7637 Carlyle Ave

650,000.00USD
For sale
House

524.9 m²
Prime Location! Do not miss out this opportunity to buy this property for less than land value. Lowest price in the area for a lot like this. Zone RM-...
Cod. 31099

For sale 4 Bedrooms, Florida, Brevard County, Cocoa Beach, 2485 S Atlantic Avenue

1,185,000.00USD
For sale
4 Bedrooms

279.45 m²
This complex has only 6 units so condo privacy is not an issue because it is an exceptional home with magnificent views of sunrise and sunset from eve...
1 / 13
  1. Preferences

    For a better use of Realigro website, set your preferences for language, currency, square meters or sq ft.

    Set now Don't show again
BB