NSCAR News
Million-dollar mortgages defaulting more often
Author:
Danny Bernardini
Date:
Jul 12, 2010
The New York Times ran an interesting article detailing how the rich are joining the foreclosure list lately. The article looks at the Silicon Valley, more specifically, Los Altos.
"The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in
privileged enclaves like this one in Silicon Valley.
Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.
More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic."