Tuesday, February 16, 2010
Multi-million dollar properties are facing foreclosure and this drives the desperate owners to sell the luxury homes at auction.
Recent reports from the foreclosure marketer Realty Trac indicates that compared to 2008 records, the foreclosures have increased up to 162 percent in 2009. Around 18,817 properties worth at least $ 1 million have faced foreclosure last year, reports Realty Trac.
The home owners are going for auction sales rather than waiting for the right buyers for their million dollar properties as the prices of $1 million-plus properties are down about 25 percent since the year 2007.
According to John Brian Losh, CEO of LuxuryRealEstate.com, a Web site that specializes in high-end properties, any home owner selling in this economy is on the market because they have to be here."If they're frustrated and they can't figure out why they haven't gotten any offers, they might think an auction will generate some interest" says John.



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