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Newport Beach Had 8th Highest U.S. Foreclosure Rate for $1M+ Homes in 2012

Newport Beach had 16 foreclosures on homes valued more than $1 million from January through October 2012, according to the Wall Street Journal, citing figures provided by Zillow.

Newport Beach had the eighth-highest foreclosure rate of any city in the United States for homes valued at more than $1 million from January through October of 2012, according to a report in the Wall Street Journal.

Newport Beach's 16 foreclosures for homes in that price range, put it on the list, according to the report. New Canaan, CT had the highest foreclosure rate in the U.S. in that time period with 25 foreclosures. Laguna Beach, which had 18 foreclosures, came in third on the list.

According to the report, nearly 2,000 million-dollar homes in the U.S. went through foreclosure during the same period. That's down 33 percent from 2011 and by more than half from 2010, according to the report, citing figures from Zillow.

Interestingly, the decrease in foreclosures on $1 million+ homes has resulted in a shortage of stock in the past year. This in turn has resulted in a sense of urgency, even anxiety, among buyers and, in some areas, the return of "bidding wars" on million-dollar homes, according to the report.

Growing buyer confidence, strong foreign demand, lower mortgage rates and more realistic sellers also helped propel the $1 million+ home market to a  rebound in 2012, according to the report, titled "Luxury Snaps Back."

In California, some 18,760 previously owned homes sold for more than $1 million in the first nine months of the year, a 14.8 percent increase from last year and the highest level since 2007, according to DataQuick MDA.

Nationally, sales of $1 million+ homes rose by 9 percent in the first nine months of 2012, compared with the same period one year ago, according to the Wall Street Journal report, citing figures from DataQuick.

For more check out the Wall Street Journal report.

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