Thursday, July 8, 2010

The Rich are losing their homes

LOS ALTOS, Calif. — No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars.

Peter DaSilva for The New York Times

A home in foreclosure in Los Altos, Calif., a city where the median home price is $1.5 million.

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.

For complete article, follow this link.

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