Cape Coral foreclosures may be common only to the middle class or lower middle class but anything can apparently happen in a US real estate market. While it is usually the rich people living in their multi-million homes that analyze and judge the foreclosure market, it is utterly surprising to read news that connects the wealthy class and foreclosures like a plague starting to catch on, or dirty water starting to their impeccable lifestyle. Headlines in the news like: “Foreclosure hits million-dollar homes” and “Is America’s upper classy running out of funds?” will give you an idea that foreclosures, too, can happen to the best of them. It is not just the poor that belabor foreclosure. Current news serves as a wakeup call or a slice of reality that Cape Coral foreclosures can happen to rich people too.
Foreclosures have become a symptom of an even larger economic crisis and are not just a plight of the lower class that fail to pay their mortgage. In fact, a significant number of wealthy homes comprise Cape Coral foreclosure right now. Prospective home buyers of these foreclosures can indeed delight in the unusual components of the bargain homes for sale – media rooms, ocean views, infinity pools and multi-car garage.
Primary reason to this state in the foreclosure market is that yes, indeed the wealthy have run out reserves that can otherwise shield them from the big storms that occasional strike the market. According to an analyst, borrowers from the lower-end market were the first ones that were struck by the growing foreclosure market because they did not have money to spare or even available credit. Owners of luxury homes on the other hand had both reserved money and credit cards to use in cases of crises. Just when the low to lower-middle end classes showed sign of stabilizing, high end Homes in Cape Coral
began to escalate reaching its peak to 121% increase in foreclosures ranging from intention notices to title transfers.
It is important to know if this trend will continue at the brink of the New Year, especially in Cape Coral and neighboring areas. According to analysts, this is also indicated by how the 9-day delinquency rate for houses with million-dollar worth has increased. However, the situation will soon be characterized by more re-negotiations and short sales rather than Cape Coral foreclosure auctions. This is due to the fact that borrowers with better heels may think twice before yielding to foreclosure because there is more at stake for them. In the end, this stunt in the real estate market positively affects two people, the prospective home buyer and the real estate agent who will take a mighty chunk of commission from the sale of such multi-million houses.