Larkspur Among Highest U.S. Foreclosure Rates for $1M+ Homes in 2012

Larkspur had 10 foreclosures on homes valued more than $1 million from January through October 2012, according to the Wall Street Journal, citing figures provided by Zillow.

Larkspur had the 16th-highest foreclosure rate of any town in the United States for homes valued at more than $1 million from January through October of 2012, according to a report in the Wall Street Journal.

Larkspur's 10 foreclosures for homes in that price range, put it on the list, according to the report.

The report also said that the market for $1 million-plus homes in San Francisco grew by 11.9 percent when comparing the first half of 2012 with the first half of 2011.

According to a report in the Journal, nearly 2,000 million-dollar homes in the U.S. went through foreclosure during the same period. That's down 33 percent from 2011 and by more than half from 2010, according to the report, citing figures from Zillow.

Interestingly, the decrease in foreclosures on $1 million+ homes has resulted in a shortage of stock in the past year. This in turn has resulted in a sense of urgency, even anxiety, among buyers and, in some areas, the return of "bidding wars" on million-dollar homes, according to the report.

Growing buyer confidence, strong foreign demand, lower mortgage rates and more realistic sellers also helped propel the $1 million+ home market to a  rebound in 2012, according to the report, titled "Luxury Snaps Back."

Nationally, sales of $1 million+ homes rose by 9% in the first nine months of 2012, compared with the same period one year ago, according to the Wall Street Journal report, citing figures from DataQuick MDA.

For more check out the Wall Street Journal report.


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