Banker & Tradesman reported today that foreclosure prevention counselors have been noting in recent months that the problem has now spread to more affluent nabes.
A quick check at some of the foreclosure auctions that have taken place in the last year throughout the Bay State shows there has been a spike in the number of single-family homes and condos that have been auctioned for $800,000 and higher.
There were 54 auctions where the selling price fell into that category from March 1, 2009 to Feb. 28, 2010, according to stats from Banker & Tradesman (via Warren Group). That’s up 64 percent from 33 auctions of single-family homes and condos that went for $800,000 or more between March 1, 2008 and Feb. 28, 2009.
And it’s been noted that ritzy areas like Nantucket, Concord, Wellesley, Weston and Brookline had more foreclosures in 2009 than they did the prior year.
The Warren Group’s new foreclosures numbers come out next week — it will be interesting to see what they will reveal.
File Under: What’s happening to my luxury “en fuego” sales?