Foreclosures hit ritzy homes, too

Rocky Mountain News reports:

Foreclosures. They're not just for low-priced homes anymore.

Douglas County, one of the richest and fastest-growing counties in the nation, is seeing on average one $1 million home go into foreclosure each week.

"I haven't seen any $2 million homes yet, but I definitely have seen homes pushing $1.5 million," said Dianne Bailey, the Douglas County public trustee.

She said that the homes are mostly speculative - those built without buyers - constructed by custom-home or larger builders.

"These are typically developer-built homes that have never been sold," she said. "They are not typically owner-occupied homes."