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New Canaan Had Highest Foreclosure Rate for $1 Million+ Homes in '12

According to a report in the Wall Street Journal, citing figures provided by Zillow, New Canaan had 25 foreclosures on homes valued more than $1 million from January through October last year.

 

New Canaan reportedly had the highest foreclosure rate in the U.S. for homes valued over $1 million in 2012.

According to a report in the Wall Street Journal, citing figures provided by Zillow, New Canaan had 25 foreclosures on homes valued $1 million to $2 million from January through October last year.

Darien and Westport made fifth and seventh on the list, each with 17 foreclosures.

According to the report, nearly 2,000 million-dollar homes in the U.S. went through foreclosure during the same period. That's down 33% 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.

Glen K Dunbar January 04, 2013 at 07:48 PM
Wish someone would DONATE/GIVE ME one of those foreclosures..though I'd rather live someplace warmer and start a new life.
Liz January 04, 2013 at 08:29 PM
@Teri, I think the articles meant the Real Estate market is doing well... foreclosures happened that was bad, but the sale of million dollar homes, as a whole is up, and there are bidding wars again. Things are selling! Likewise, nationally foreclosures are down. Overall, I'd say real estate is on the up an up, considering where it was. Reportedly, real estate is once again a driving force of the economy as opposed to a force pulling the economy down, first time since the initial recession.
Chris January 04, 2013 at 09:40 PM
'New Canaan had the highest foreclosure rate' is in the title, yet no rate is given in the article. Just the number of homes foreclosed on. Given the large number of $1 million homes in New Canaan, the rate is what's more important. What is it?
LauraC January 04, 2013 at 11:41 PM
I am sure that summarizing this article that highlights New Canaan is one of the responsibilities of the local news team for the NC Patch. It is a shame that some people take delight in being negative and critiquing with needless negative comments. We need more "thanks for bringing this to our attention" instead of comments that do nothing more than insult the person who wrote the news recap. I thought this information was Patch worthy and am glad that it was covered.
Baffled Resident January 05, 2013 at 12:34 AM
Bidding wars? In New Canaan? Not. With the possible exception of Silver Hill Hospital, which seems to be buying up all of Valley Road. LOL.

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