The Wealthy Have More Fun With Foreclosures
Here’s a sentence that’s so obvious, you knew it before you read it:
Owners of luxury properties who fall into arrears typically have more time and options to keep their homes before they’re repossessed.
In Pennsylvania, for foreclosures completed in January, the average number of days a house was delinquent before it was foreclosed is 961 if the unpaid balance was under $1 million and 1,492 days if the balance was over $1 million.
That’s a discrepancy of 531 days, which is a higher discrepancy than that of Illinois, California and Nevada, among other states.
• Foreclosures, Forestalled [WSJ]