Bigger mortgages likelier to go into foreclosure

By Adam 5GSAUUTKFG59NR2P-rsz640x360-cp0x10x640x330Bonislawksi | Wall Street Journal

“Mo’ money, mo’ problems,” proclaimed the late Brooklyn rapper Notorious B.I.G.

He wasn’t talking about the current U.S. foreclosure market, but he could have been.

According to numbers from real estate analytics firm CoreLogic , in December 2014 the country’s foreclosure rate fell to 1.4%, the lowest level since March 2008. But while the overall market is well on the way to recovery, elevated foreclosure rates persist at the high end. In December, the rate for mortgages of $750,000 or more was 2.5%.

This disconnect has characterized the 2008 crash and its aftermath, says Sam Khater, CoreLogic’s deputy chief economist. High-end housing had traditionally seen fewer foreclosures than the market at large, but, he notes, the last decade’s recession turned that convention on its head.


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