by Calculated Risk on 8/12/2008 11:39:00 AM

From the San Diego Union Tribune: High-end homes join county's foreclosure fray (hat tip Teak111)

DataQuick searched public records to identify the most expensive foreclosures in the county, using Zillow as well as its own findings, and came up with the 23 most expensive properties.

They include five properties each in La Jolla and Rancho Santa Fe, four in Carmel Valley, two each in Del Mar and Encinitas and one each in Bonita, downtown San Diego, Jamul, Point Loma and Poway.

The homes were purchased between August 1997 and December 2006 with prices from $635,000 to $7,450,000, according to county records.

A check of addresses, court records and employment data revealed that the owners included business executives, real estate experts, partnerships, a teacher and others. Most could not be reached, and none would speak on the record.

When I spoke at the Inman Real Estate conference last month, I suggested that real estate agents should expect increasing foreclosures in high end areas. As I've previous mentioned, my comments were greeted with incredulity.

But I think this will be the trend. The next wave of defaults will be from Alt-A loans, and Alt-A defaults will hit the mid to high end areas hard.