Forecl-----.
It’s a word softly whispered when luxury homeowners in luxe communities like Palm Beach (33480), Beverly Hills (90210), Greenwich (06831) and Rancho Santa Fe (92067) discuss their local real estate markets.
Real estate prices have been declining in many of these markets throughout the country, and some of the heavily mortgage homes are ending up as foreclosure sales. The most prominent foreclosure victim of late is Ed McMahon, whose $5 million Beverly Hills mansion was recently lost to foreclosure.
This morning, CNNMoney reports that three of the richest US zip codes saw nasty declines in home prices for the three-month period ending April 30, when compared with the prior three months.
The three biggest losers?
Continue reading for some interesting surprises!
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San Diego County Realtors Mike and Roberta Murphy represent buyers and sellers of real estate in Carlsbad, Encinitas, La Costa, Rancho Santa Fe, La Jolla, Del Mar, Oceanside, San Marcos and Vista.
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Yes, many are affected, not just the middle and lower end homes now!
I guess almost everyone can be effected by this market though I am surprised that Ed McMahon lost his home to forclosure! I figured that most markets are considered "declining" by lenders as it seems that almost all of the counties that I have borrowers in at this time are on the "list" for the lenders!
Cristal:It wasn't only the low and middle-end buyers who over-extended themselves. It was something that happened at all levels of society.
Libby: I was also surprised to hear about Ed McMahon. But homes became ATM machines--even for the wealthy (and rich and famous).
The "F" word...lol. That is the best blog title I have seen in a while...The "F" word
We haven't seen foreclosures here much at all. Every time a big foreclosure story (like this one) hits the news, my calls increase from vultures looking to pick up big scores on luxury properties. No luck in my neck of the woods.
Money Source: Thanks!
Love the picture of the lady...
Geordie: Your market is more solid than most--but vultures are everywhere....;-)
Lynn: Love the illustration!
It is just natural for people to walk away from lost causes. It it is a business after all.
No, No, Not the F word, I love the blog
Ok, you had me at the title.
Robert: You may have just described a big part of the problem....
Brett: Thank you!
Missy: Gotcha!
Roberta,
Great article with a very catchy title. Left you a comment on Luxury Homes Digest as one would expect others to do as well.
Gena:
Sometimes the reward is in the mischief:-)
So even Wyzata was affected! That was a surprise. Palm Beach I knew about - though the top end is still selling there.
Sharon: Even our Rancho Santa Fe and La Jolla real estate markets are a bit leaky. Few luxury markets are totally escaping this bloody market.
Roberta - We use to refer to the "f" word as FRAUD. Now we have another'n to be concerned about - FORECLOSURE!
I love your graphic accompanying this post.
Myrl: Guess the "F" word will change every few years. First it was fraud and then came foreclosure which brought us to a fractured economy.
So what comes next?