Where To Find Million-Dollar Foreclosures

Forbes reports:

a 5,000-square-foot, four-bedroom, three-and-a-half bathroom home in Annandale, Va., just outside Washington, D.C. The house was built in 2004 and the previous owners paid $1.4 million for it in early 2006, according to Fairfax County records. Unfortunately, this was at the tail end of housing price increases nationwide.

According to the home's appraised value, it had a $140,000 drop in equity since 2006, but based on what the bank is now asking, the home has declined in value by $300,000. Even at the price of $1.06 million, it's been on the market for almost two months. Prices on foreclosures in the D.C. suburbs still have some distance to fall before they're in line with market conditions, says Cullen Watson, a real estate attorney and broker based in Washington D.C.

No word yet from The National Association of Realtors.