Million-Dollar Homes in Foreclosure?

U.S. foreclosures are up from last year as higher interest rates force more homeowners into default and softening housing prices give defaulted homeowners fewer options to avoid foreclosure.

 

Contrary to popular opinion, it’s not just run-down homes in poor neighborhoods that are vulnerable to foreclosure. RealtyTrac’s national foreclosure database featured a number of million-dollar homes in some stage of foreclosure in July, including the homes pictured below. For home buyers at the more expensive end of the real estate market, these types of properties can represent good investment opportunities.

 

(Note: Property status is subject to change at any time if the homeowner pays off the amount owed or if the property is sold to a third party.)

 

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Property Details

Windermere, FL

Foreclosure Status: Pre-Foreclosure

Est. Market Value: $2,287,000

Est. Loan Balance: $974,868

 

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White Plains, NY

Foreclosure Status: Pre-Foreclosure

Est. Market Value: $1,120,000

 

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Chicago, IL (1 Unit)

Foreclosure Status: Auction (8/1/2006)

Est. Loan Balance: $999,000

 

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Sacramento, CA

Foreclosure Status: Auction (8/2/06)

Est. Market Value: $1,052,000

Est. Opening Bid: $711,194.11

 

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Fountain Hills, AZ

Foreclosure Status: Auction (9/11/06)

Est. Market Value: $1,353,000

Est. Opening Bid: $170,000

 

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Longboat Key, FL

Foreclosure Status: Pre-Foreclosure

Est. Market Value: $1,687,000

Est. Loan Balance: $600,000

 

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Manhattan Beach, CA

Foreclosure Status: Pre-Foreclosure

Est. Market Value: $1,574,000

Est. Opening Bid: $500,000

 

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Fort Lauderdale, FL (Condo Unit)

Foreclosure Status: Pre-Foreclosure

Est. Market Value: $1,363,000

Est. Loan Balance: $1,195,000

 

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Encinitas, CA

Foreclosure Status: Pre-Foreclosure

Est. Market Value: $1,234,000

Est. Opening Bid: $200,000

 

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