New data suggest that foreclosures are rising in more expensive housing markets.
The Wall Street Journal reports that a growing percentage of foreclosures in June came from the top tier of the local housing market, up considerably from when the current housing crisis began in 2006. The report indicates that more expensive homes have more recently accounted for a growing share of all foreclosures. This increase in expensive market home foreclosures comes at a time when home values in those areas fall, leaving more homeowners with mortgages that exceed the value of their properties.
Read more at the New Jersey Real Estate Report