Priciest Homes Face Growing Foreclosure Rates

New York, NY, Feb. 23, 2012 -- Foreclosures are hitting the most expensive homes at a faster rate than the rest of the country, CNNMoney reported.

More than 36,000 homes valued at $1 million or more were entered at least the beginning of the foreclosure process in 2011, RealtyTrac said.

CNN said that many wealthy homeowners are simply walking away from their mortgages.

The share of foreclosures on properties valued at $1 million or more has risen by 115% since 2007 while the share of multi-million dollar foreclosures -- or homes valued at more than $2 million -- rose by 273%.

Meanwhile, the share of foreclosures on mid-range properties valued between $500,000 and $1 million fell by 21%.