America’s wealthiest families are now losing their homes to foreclosure at a faster rate than the rest of the country, and many of them are doing so voluntarily. Over 36,000 homes valued at $1 million or more were foreclosed on, or at least served with a notice of default in 2011, according to data compiled by RealtyTrac, which tracks foreclosures.
This will help the market below it, they will live somewhere.