A realty sign stands in front of a home in the Crystal Cove section of Newport Beach, California, U.S., on Monday, Dec. 14, 2009. Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and turning to so�called short sales to unload properties as stock�market losses and pay cuts squeeze wealthy borrowers. This 3,664 square foot home is owned by BORM Inc. Co�founder Masoud Bakaie, who owes $2.6 million on the property and is seeking approval of a short sale. Photographer: Tim Rue/Bloomberg
Tim Rue A realty sign stands in front of a home in the Crystal Cove section of Newport Beach, California, U.S., on Monday, Dec. 14, 2009. Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and turning to so�called short sales to unload properties as stock�market losses and pay cuts squeeze wealthy borrowers. This 3,664 square foot home is owned by BORM Inc. Co�founder Masoud Bakaie, who owes $2.6 million on the property and is seeking approval of a short sale. Photographer: Tim Rue/Bloomberg

Los Angeles Times staffer Tim Logan reports that the number of homes that sold for $1 million or more in California hit a seven-year high in the second quarter, and sales north of $2 million reached a new record.

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Learn more about markets featured in this article: Los Angeles, CA.