Ultra-high-end foreclosures up 61% in 2013

People Are Making Big Money Kicking Detroit Residents Out Of Their Homes (HBO) Foreclosure filings were down 28% from a year ago, but up 2% from the previous month. At the state level, Florida, Nevada, Maryland, Ohio and Illinois posted the highest foreclosure rates.

Single-family housing starts improve Construction starts on single-family homes perked up in September, but continue to trail their levels of one year ago. The Commerce Department reported this morning that construction starts on.

According to RealtyTrac, foreclosures for homes worth $5 million or more are up 61% this year despite the fact that overall foreclosures are down 23%. The question is, does this merely represent holdouts from the prior housing bubble, or is it a sign of things to come?

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As the housing market improves, foreclosure activity has been steadily declining – with one exception: The number of multimillion-dollar homes going into foreclosure has spiked, new research finds.

Foreclosures in the ultra-high-end housing market – homes worth $5 million or more – have skyrocketed 61 percent over last year. That growth bucks the trend: Overall foreclosures are down 23 percent, according to a new report from Irvine, Calif.-based real estate information site realtytrac. Until lately, that is.

At the same time, price drops also spurred foreclosures, which forced many families to become renters.” Las Vegas asking prices were up 30.3% year-over-year in February after a 61% boom-to-bust drop.

Foreclosures in the ultra-high-end housing market – homes worth $5 million or more – have skyrocketed 61 percent over last year. Read more Luxury Home Foreclosures Soar – Up 61% Versus Last Year. Categories Economy, 2013): Foreclosure sounds like the end of the line, but actual.

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"Queens County reported the highest level of foreclosure activity through September 2013, up 61 percent from the same time period last year. Default notices in particular were up 71 percent, while auction notices increased 24 percent and bank-owned (reo) properties increased 26 percent from the previous year."

As we reported yesterday, something odd is happening in the US, which supposedly is deep in a "housing market and economic recovery" – foreclosures on ultraluxury homes, those worth $5 million and over, have soared by 61% in 2013 (even as overall foreclosures continue to decline due to the well-known and much discussed "foreclosure stuffing" process, which means millions of properties are held.

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