Residential foreclosures could top 1.23 million units this year, according to figures compiled by CoreLogic, Los Altos, Calif.
In the first quarter 309,194 homes went into foreclosure, the company found, a 17% jump from the same period last year. In 2009 1.16 million homes went into foreclosure, a record.
Meanwhile, figures CoreLogic calculated for The New York Times suggested that more than one in seven homeowners with loans in excess of a million dollars is seriously delinquent. The newspaper reported,
"Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment."
A CoreLogic senior economist noted, "The rich are different: they are more ruthless."