It’s a business decision for the rich!
* Record number of defaults in Beverly Hills
* Many wealthy owners could still pay but walked away
* Only 12 of 180 distressed homes up for sale
BEVERLY HILLS, Feb 16 (Reuters) – The careworn house not far from Santa Monica Boulevard resembles millions of other homes that have been foreclosed on since the calamitous U.S. housing crash four years ago.
Garbage spews from trash bags behind the property. A smashed television leans against broken furniture. A filthy toy dog lies on its side, an ear draped across its face. The garden is overgrown. The house needs a paint job.
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