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Real Estate Home Luxury McMansion
More and more luxury homeowners are turning to short sales as the default rate for homeowners with more than $1 million mortgage is almost double of the US rate. Due to financial crisis, many of these homeowners have seen their stock portfolios drop and so they are selling their properties. They just cannot afford the loan payments on their homes especially when the prices of these homes have declined.
Payments on about 12% of mortgages exceeding $1 million were 90 days or more overdue in September, compared with 6.3% on loans less than $250,000 and 7.4% on all U.S. mortgages, according to data from First American CoreLogic Inc., a Santa Ana, Calif.-based research firm. The rate for mortgages above $1 million was 4.7% a year earlier.
Some buyers are taking advantage of the decline and short sales to pick up properties. Porter Michael Peterson, a 33-year-old linebacker for the National Football League’s Atlanta Falcons, bought a mansion near Tampa, Fla., four months ago for $1.1 million — almost half the amount of the mortgage taken out by the sellers three years earlier, according to real estate records.
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This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. McMansion Foreclosure Rate Doubles – Time to Buy a Dream House is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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What a marvelous place! For sure it’s a great investment for those who have money