From Rancho Santa Fe, Calif., to Closter, N.J., there are plenty of luxury homes on the market ripe for the picking.
In Detroit and Southern California, foreclosure opportunists are going after cheap homes in downtrodden neighborhoods, which are selling in the five-figure range.
But there are plenty of million dollar-plus homes out there, in good neighborhoods, which have fallen into foreclosure as the result of shoddy lending practices, speculative buyers and homeowners walking away from a negative equity situation.
Using RealtyTrac and REOTrans, two companies that track the foreclosure market, Forbes.com looked for million dollar-plus homes in elite neighborhoods around the country that were in any stage of foreclosure or in a real-estate owned (REO) situation, where the bank was trying to sell off the delinquent loan. RealtyTrac estimates that 50% more …
