High-end real estate not exempt from foreclosures

The foreclosure process remained relatively flat during 2011, but a report notes it showed signs of a slight revival at the beginning of 2012.

The foreclosure process remained relatively flat during 2011, but a report notes it showed signs of a slight revival at the beginning of 2012.

There was a 3 percent increase in activity among foreclosed houses in January, and while many individuals assume this issue is predominantly impacting the middle- and lower-income brackets, CNNMoney reports that even some of the nation's richest neighborhoods have not been spared from the trend.

According to the news source, Laguna Beach, California, is one such area that has not been exempt from the high foreclosure rate, as a property purchased for $28 million in 2010 fell into foreclosure the same year and is now being put back on the market for approximately $18 million - a 35 percent discount.  

Additionally, Newport, Rhode Island, a housing market known for it mansion estates with waterfront views, has also fallen victim to the foreclosure influx. One particular property built in 1891, but forecloses on in 2011, has recently been put back onto the market with an asking price of 7.9 million.



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