(continued from above) Another common misconception is that foreclosures only occur in depressed or low-priced neighborhoods. In fact, high-end home-owners have perhaps been hit the hardest recently as most of the current buyers are ‘first-timers’ and therefore purchasing homes in the starter-home price range, while more affluent buyers are biding their time waiting for the market to come back so they can sell their homes for a decent price before buying a replacement home. This can leave owners of more expensive homes high and dry for the present time, and those affected by job-losses or salary reductions are just as likely to have been foreclosed upon as the owners of lower priced homes.

Here are examples of higher priced bank-owned properties in the Chico area