Since the beginning of the housing market crisis, the most common image in Americans' heads of a foreclosed property exhibited a house that was owned by a middle-class family struggling to make ends meet. However, there is a rapidly growing segment of homes that are struggling as well... luxury homes.
In the latest CDPE Member Broadcast, Alex Charfen discussed the growing number of homes worth over $1 million that are going into the foreclosure process. According to RealtyTrac, In 2007 there were 5,632 homes in foreclosure—just 0.5% of all foreclosure activity. That number jumped 17% higher to just over 33,000 in 2011, or 2.5% of all foreclosure activity in the country.
Homeowners with these luxury properties need just as much help as the rest of America's distressed homeowners. If you would like to learn more about how you can help the millions of distressed homeowners across America, download our FREE report, The Five Steps to Listing a Successful Short Sale now!