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The foreclosure crisis, now well into its third year, has moved upscale as a growing share of people in homes worth at least a million dollars fall behind on their mortgage payments.
Those upper-end houses accounted for nearly 6 percent of the notices of default — signifying the owner is three months or more behind on payments — sent out by lenders to Santa Clara County homeowners so far this year. In San Mateo County, about 4 percent of the million-dollar-plus houses received notices of default this year.
The Santa Clara County numbers are up from 3.3 percent in 2008 and 5.2 percent last year. Job loss and mortgage debt began to crush the high end in 2009, when 811 valley homes worth a million
“One of the toughest places to be right now is at the higher end,” said Sean O’Toole of ForeclosureRadar, which compiled the data for the Mercury News. “There’s less credit available and fewer options of selling or refinancing.”
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