The Boston Business Journal reported this week on how some of Boston’s most luxury condos and homes are starting to encounter the foreclosure process, although it’s still a rare occurrence based on the percentage of foreclosures:
Subprime mortgages ravaged America’s working class, but the U.S. housing and foreclosure crisis also has infiltrated some of greater Boston’s most exclusive ZIP codes.
In greater Boston, bank foreclosures have targeted a Harvard Medical School lecturer on infectious diseases, a former executive director of the Republican state committee and a North Shore couple whose $2 million-plus Manchester-by-the-Sea cottage features a Frederick Law Olmsted landscaping design.
Still, foreclosure on a $1 million-plus residence is a rare event. Last year, there were nearly 9,400 foreclosure property sales in Massachusetts totaling $2 billion. Of that amount, only 21 properties involved foreclosure sales of …