More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.
By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.But jumbos are a smaller share of the market, NYTimes, says Realty Check's Diana Olick:
A little less than 14 percent of the loans outstanding in the U.S. are "jumbo," meaning over $417,000, according to government statistics (FHFA). The number of loans that are over $1m are even less than that.NY Times article here. Diana Olick here.
Locally, there's been a noticeable bump up in foreclosure auctions scheduled (though not always completed) for houses or properties in excess of $1M. In this area, a "jumbo" is a mortgage above the FHA's conforming loan limit of $437k. See here:
June's $1M Foreclosure Auctions
May's record day of $21M in Scheduled auctions
April's Million Dollar Foreclosures
High-End Defaults and Foreclosures in C'ville/Albemarle
2010 Foreclosures Surge Over 2009