The list of homeowners going into foreclosure has topped the one million mark. This week a Georgia newspaper reported the upcoming auction of the home of former Heavyweight Boxing Champion Evander Holyfield. His 5,000-square-home — located on Evander Holyfield Highway — has 109 rooms, including 17 bathrooms, three kitchens and a bowling alley.
Holyfield reportedly defaulted on a $10 million loan to Washington Mutual Bank, which plans to auction off his home on the courthouse steps on July 1. (Did he really need 109 rooms?)
Former baseball star Jose Canseco is walking away from his 7,300-square-foot mansion in a Los Angeles suburb. He bought the six-bedroom, five-bath Encino mansion in 2005 for about $2.8 million. The house already had at least one lien placed on it, from the Internal Revenue Service.
Ed McMahon, the longtime sidekick to Johnny Carson on "The Tonight Show," defaulted on $4.8 million in mortgage loans with a unit of Countrywide Financial Corp., which filed a notice of default in March, according to ForeclosureRadar, a company that sells default data pulled from public records. The 85-year-old is reportedly $644,000 in arrears.
California, Florida, Nevada and Arizona accounted for 89 percent of the total increase in new home foreclosures.
Who's really to blame for this mess?