This morning’s New York Times featured a story with an interesting perspective on the housing meltdown: A disproportionate share of mortgage defaults are coming not from the broke or poor, but the affluent. Click here to read the story.
Make sure, in particular, you see this graphic.
Implications: If an expensive house was purchased more as an investment than as a place to live, it seems many among the wealthy are deciding to do what they might do with any investment gone bad: Dump it.
Does that change your perspective, with regard to people who’ve been through foreclosure? It might mean that not all foreclosed homeowners are poor or broke. Indeed… the converse could be true; the foreclosure path was taken because the family could afford to get out from under a house that was up-side-down.
Mike Anderson
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