More than 4 million homes have been foreclosed on in the past five years. Now the foreclosure wave is pulling in more celebrities and the wealthy.
“We are seeing foreclosure activity on higher-end homes increase at a faster pace for the past two years,” says Daren Blomquist, vice president ofRealtyTrac. From 2007 to 2011, foreclosure activity on homes worth more than a $1 million increased 489%, compared with a 105% increase on properties under $1 million, according to the Irvine, Calif.-based real estate information provider.
Forbes sifted through news reports, foreclosure filings and property listings to uncover examples of high-profile homeowners who face foreclosure or have at some point in the past year or so.
Five of them are published here. For the full slideshow, visit Forbes' site:
Family of Kristin Cavallari, Reality TV Personality
Property: Cavallari family home, Laguna Beach, CA, pictured at top
In February the home owned by the parents of "The Hills" star was reclaimed by the bank in a public auction for roughly 50% less than it had been listed for in 2009. The 7,100-square-foot waterfront home touts dry and wet saunas, a yoga studio and Feng Shui certified design. The bank-owned property found a buyer in July.