Not surprising:
More than one in seven homeowners with loans in excess of a million dollars are 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.
I'm sure this news will generate outrage from right-wing ideologues, screaming about how these people are undermining the national economy and the moral fabric of our community, right?
It'll be just like the way they blamed the entire financial system collapse on ACORN and the Community Reinvestment Act and racial and ethnic minorities, right?
More likely, they'll just continue to stick their heads in the sand, hope nothing changes, and then repeat the whole cycle all over again.