In 2009, 1,312 homes costing more than $5 million faced foreclosure auctions. In February 2010 alone, 352 homes were on the auction block.
CoreLogic tracks 1,700 homes nationwide that have mortgages greater than $4 million. Of those, 14.8 percent were 90 days or more past due as of Jan. 31. That is almost double the 8.7 percent of homes with lesser mortgages that were similarly past due.
These pricey properties are difficult to sell because there are fewer buyers and financing is hard to get, but there’s a psychological element to the problem too. It's very, very difficult for these home owners to believe they've had such a severe reversal of fortune.
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