More wealthy (or at least appearing to be) people abandon their "McMansions" and let banks foreclose on them.
Foreclosures are not "poor man's problem" anymore. The number of high-end properties ending up in foreclosure is on the rise. Take for an example 102 Longmeadow in Winnetka: 6 bedrooms, 7 full and one partial bath. Short 4 years ago this 7,000 square ft. "French Castle" was valued at over $4,500.00. Now it can be had for "just" $2,375,00...
Regular updates from Chicago northwest suburbs foreclosure market are available at www.PeterKedzior.com
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