Luxury-home owners use ‘short sales’ as defaults rise

By: Bloomberg News December 28, 2009

Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers. "The rich aren't as rich as they used to be," said Alex Rodriguez, a Miami real estate agent with JM ...

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Luxury-home owners use ‘short sales’ as defaults rise

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