![\"HousePornNickCage\"](\"http:\/\/static.businessinsider.com\/image\/4bba44787f8b9abd3eb20200-427-320\/housepornnickcage.jpg\")
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Well, it looks like the the foreclosure virus is becoming more egalitarian every day; its even moving into tonier neighborhoods:<\/p>\n
RealtyTrac is forecasting that Houses with $5 million+ mortgages will likely be the next class of loans to go belly up.<\/p>\n
While the overall numbers are small, they expect to see a sharp rise in foreclosures this year. In all of 2009, there were 1,312 houses with $5M+ mortgages scheduled for foreclosure auction. The spike is apparent this year — in the month of February alone, there were 352 homes nationwide in this category.<\/p>\n
Here’s the Journal:<\/p>\n
“Mortgage defaults began to surge in late 2006, mostly among borrowers with subprime mortgages, those for people with weak credit records or high ratios of debt to income.<\/p>\n
Over the next few years defaults spread rapidly to better-heeled borrowers, especially those who got loans without documenting their income. At the end of 2009, nearly eight million households, or 15% of those with mortgages, were behind on mortgage payments or in the foreclosure process. . .<\/p>\n
Big borrowers are more likely to default than ordinary people, according to data from First American CoreLogic. Its loan database, reflecting more than 80% of the overall home-loan market, includes 1,700 loans with balances of $4 million or more. About 14.8% of those loans were 90 days or more overdue at the end of January, compared with 8.7% for all home loans tracked by First American.”<\/p>\n
It turns out that the wealthy are not any better at forecasting their own future economic circumstances than the unwashed masses were . . .<\/p>\n
<\/span>Source<\/em>: This post is reprinted <\/a>from Barry Ritholtz’s The Big Picture. Join the conversation about this story »<\/a><\/p>\n See Also:<\/b><\/p>\n Well, it looks like the the foreclosure virus is becoming more egalitarian every day; its even moving into tonier neighborhoods: RealtyTrac is forecasting that Houses with $5 million+ mortgages will likely be the next class of loans to go belly up. While the overall numbers are small, they expect to see a sharp rise in […]<\/p>\n","protected":false},"author":5780,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-522533","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/522533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/5780"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=522533"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/522533\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=522533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=522533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=522533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Foreclosures Hit Rich and Famous<\/a>
CRAIG KARMIN And JAMES R. HAGERTY
WSJ, APRIL 9, 2010
http:\/\/online.wsj.com\/article\/SB10001424052702304198004575172303998670976.html<\/p>\n
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