$5 million home foreclosures on rise In the market for a mansion? There may be some bargains out there

Marketwatch reports:

As the housing market improves, foreclosure activity has been steadily declining — with one exception: The number of multimillion-dollar homes going into foreclosure has spiked, new research finds.

Foreclosure activity on homes worth $5 million surged 61% year over year through October, according to data released Wednesday by RealtyTrac, a real-estate data firm. In sharp contrast, overall foreclosures fell by 23% during the same period. While the number of these high-end foreclosures is relatively small — fewer than 200 homes, compared with 1.2 million properties overall — they may also represent a buying opportunity for high-net-worth home buyers, says Daren Blomquist, vice president at RealtyTrac.