July 11, 2010

YOU MEAN IT'S NOT THE IRRESPONSIBLE AND UNDESERVING COLORED FOLKS?:

Biggest Defaulters on Mortgages Are the Rich (NY Times, 7/08/10)

More than one in seven homeowners with loans in excess of a million dollars is seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.

By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.

Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment.

“The rich are different: they are more ruthless,” said Sam Khater, CoreLogic’s senior economist.

Posted by Orrin Judd at July 11, 2010 6:51 AM
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