''Foreclosures Among Owners of Million-Dollar Homes on the Rise''

From Loan Safe

''Million-dollar-plus foreclosures like the Graus’ are rare, but are on the rise, according to RealtyTrac, a California company that follows the foreclosure market. Although the numbers of foreclosures on properties with mortgages over $1 million are still tinyless than 2 percent of all foreclosures nationwidethey’ve more than doubled since 2007, RealtyTrac said. In Bergen County, more than 70 foreclosures of million-dollar-plus properties have been auctioned since January 2010, according to the sheriff’s office.

For buyers of luxury homes, the rising number of foreclosures in this price range offers the potential for better deals, since foreclosed homes generally sell at discounts that could total hundreds of thousands of dollars.''

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