Foreclosures rise on million-dollar homes
Foreclosures on million dollar homes in New Jersey and across the nation seem to be on the rise as more well-to-do families default on expensive mortgages, according to The Record out of New Jersey.
The publication cites RealtyTrac data, which shows foreclosures on loans valued above $1 million making up less than 2% of all foreclosures nationwide.
Still, foreclosures on these types of properties have doubled since 2007, the California-based real estate research firm said.
In Bergen County, N.J., there have been 70 foreclosures on million-dollar-plus properties since January 2010, according to The Record.
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