The many luxury homes that are mostly owned by celebrities and other high profile individuals have also been hit by the recession with several falling victim to foreclosure due to their inability to pay their mortgages. These multi-million or even multi-billion dollar homes took a long time to erect but they are also quite a liability due to their huge price tag. From maintenance costs to the mortgage, they all carry a high price that this current recession has taken a hard bite at resulting in their getting foreclosed by their lenders may they be private or banks. From Hollywood stars to former magnates in every field, they all suffer the same fate, not enough cash to pay for their several luxury homes that are now up for auction like the rest of Americans and foreigners alike.
The recession is biting hard and long that not much can be done. There were fluctuations in the market yet not enough to sustain recovery for the economy, once again slipping into the downward trend that has been the norm since last year. Property experts forecast the slump to end till this year but other speculate that it will take longer for recovery to once again come to the usually booming housing market.