According to the Wall Street Journal costlier homes take longer to foreclose. The February 28, 2012 article states that in California, the average number of days to foreclose on a loan above $1 million is 671 (~1.8yrs) days versus 445 (~1.2yrs) days for loans below $250,000. To be more precise, 94% of loans in default have a balance of less than $500,000, with loans $250,000 or less composing the majority of cases at 71%, and loans bigger than $1 million composing a mere 0.7% of all loans default. The reason why costlier homes take longer to foreclose may be in part due to the sophistication of the homeowner (lawyering up/declaring bankruptcy, etc) and the bank’s realization that the loss will hit them personally as they tend to keep larger loans in-house. On the other hand, banks bundle and sell off smaller loans and are not responsible for those loans after that. For more information read the article here For the Costliest Homes, Foreclosure Comes Slowly.