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Home Foreclosures Hit Rich Too

By Justin Gardner | Related entries in Economy, Housing, Money

With a pretty red-brick downtown lined with stores, good schools and a railway line to nearby Chicago, Hinsdale has been popular among wealthy doctors, lawyers and executives.

It has also seen a 37 percent jump in foreclosure filings this year, according to research firm RealtyTrac, and local data shows the average home sale price has fallen to $1.07 million from $1.15 million in September 2007.

The consequences of years of devil-may-care mortgage lending during the U.S. housing boom were first felt among America’s poorer home owners. But if that is where it started, it did not stop there.

“People think this is just a lower-income problem,” said Mabel Guzmann, a Century 21 realtor in Chicago. “It’s not.”

And let’s be clear here…it takes a lot more of the subprime foreclosures to equal just 1 of these higher income foreclosures. So when areas like this are seeing a 37% spike in foreclosures, I hope we can all agree that people from all walks of life have acted irresponsibly too.

This entry was posted on Monday, December 8th, 2008 and is filed under Economy, Housing, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Home Foreclosures Hit Rich Too”

Loan Modifications Says:
March 5th, 2009 at 8:39 pm
I live in Southern California and see foreclosure notices in affulent neighborhoods also. In these tough economic times we should keep in mind that it is in the UNITED States and we should keep in mind that this is everbodys problem and not just a select few. Lets UNITE to be solution oriented to this national problem.
Minnesota Realtor Says:
June 27th, 2009 at 12:53 pm
A lot of times while looking at short sale homes I will see Playstation 3’s, Wii’s, four wheelers, snowmobiles, and all kinds of toys. Oddly enough the properties are facing foreclosure and the majority of them have had no maintenance or upgrades to the house. Makes you wonder!

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