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 April 02, 2007

Foreclosures Affect Even the Rich
Even the wealthiest counties in the county are faced with a plague of foreclosures.

Homes that are worth more than four times the average median price were sold on the auction block this month. Some homes sold for as much as $852,000, and officials believe that additional higher priced homes are on the way to auction.
A debt counselor from Farmington Hills, Michigan, Deborah Guzek states that because of the financing options that were available, many buyers went ahead and purchased the million-dollar plus homes with the tennis courts and such.

Sales reports show that around 40% of higher priced homes that were purchased in 2006 were either for investment or as second homes. These types of homes are more likely than others to go into foreclosure.

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