Luxury-Home Owners in U.S. Use ‘Short Sales’ as Defaults Rise – Bloomberg.com: “Upside Down Mortgages
“You are just starting to see the tip of the iceberg with luxury short sales,” said Adrian Heyman, owner of Property Advisors, a real estate broker in Scottsdale, Arizona. “A lot of wealthy people are upside down in their mortgages and they just can’t afford the second or third vacation home anymore.”
There are 114,000 home loans of more than $1 million, according to First American. About a quarter of all mortgaged homes in the U.S. have loan balances bigger than their current value, known as being upside down or underwater, the data company said.”
WE are pretty sure we are about see a lot more short sales in Rancho Sante Fe and Mammoth Mountain.
Rancho Sante Fe short sales
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