Homeowners having mortgages of more than $1 million are defaulting at almost twice the U.S. rate. Some of them are turning to so-called short sales in order to unload properties as stock-market losses and reduction in pay squeeze wealthy borrowers.
Payments overdue on Mortgages
According to data from First American CoreLogic Inc., which is a Santa Ana, California-based research firm, in September payments on about 12% of mortgages more than $1 million were 90 days or more overdue, compared to the 6.3% on loans that are less than $250,000 and 7.4% on all U.S. mortgages.