More than 14 percent — one in seven — borrowers with mortgages greater than $1 million have stopped paying them. Slightly more than 8 percent of mortgages of less than $1 million are delinquent, according to real estate analytics firm CoreLogic.
“The rich are different: They are more ruthless,” says Sam Khater, CoreLogic’s senior economist.
CoreLogic points out that the wealthy don’t seem to be particularly worried about the concerns of lesser earners like being sued by their lender or prevented from getting a mortgage in the future.
Source: The New York Times, David Streitfeld (07/08/2010)
The median price for resale homes and condos and new homes was $128,000 in the first quarter. Only 11 of the 58 Zip codes for the region recorded a price decline of 20 percent or more in the first quarter compared to 46 Zip codes that fell 20 percent of more in the fourth quarter.
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