Charles Rogers’ home in foreclosure

Charles Rogers, the former Saginaw High Star and Detroit Lions wide receiver’s home as part of the Turnberry Estates subdivision in will face foreclosure on August 31 after he defaulted and owes $1.17 million. Rogers moved out from the house recently leaving the debt behind. His home is part of the The Turnberry Estates subdivision which has 17 homes valued between $1 million and 10 million, and their homeowner are business executives, restaurateurs and real estate agents.

However, one third of homeowners have faced foreclosure in the last 2 years, according to public records. One of the houses was lost to foreclosure, another three were scheduled for sale, but finally avoided them. Another two foreclosures are pending: Charles Rogers’ and another owner.

The luxury homes market shows an increased number of foreclosures: just in Metro Detroit 719 properties with above $1 million in worth received foreclosure filings since the beginning of the recession, according to Irvine, California-based RealtyTrac Inc. The experts say that this number of luxury homes facing foreclosure can be a sign that rich homeowners are treating these homes like a bad investment and the are dumping them. Although this will ruin their credit they will still have plenty of money in their bank account to buy some other home, said Bob Taylor, president of the Michigan Association of Realtors and real estate agent in Birmingham, trying to explain the phenomenon.

Please contact is if you prefer to avoid public exposure like Mr. Roger received. We will conduct short sale on you distress property in privacy avoiding exposure to the media.

Category : Distressed Luxury Real Estate News