“Nationwide, from 2006 to 2007, the number of foreclosed properties listed at $1 million or more rose 50 percent, to 7,642, up from 5,091, according to RealtyTrac. And the number of foreclosed homes priced from $500,000 to $999,999 jumped 88 percent, from 52,836 to 99,457.”
Real estate agents said this was only the beginning for luxury home foreclosures.
“We’re going to be back to the prices we were at 15 years ago,” said Bill Milletary, an agent with Century 21 Redwood Realty.
