Washington Babylon — July 9, 2010, 7:02 am
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Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population. 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.
More from Ken Silverstein:
Commentary — July 25, 2012, 2:20 pm
Washington Babylon — September 29, 2010, 11:37 am
Years of consideration preceding the inclusion of the word “phat” in Random House’s 1996 Compact Unabridged Dictionary:
Scientists created crash helmets that stink when cracked and fruit flies to whom blue light smells delicious.
In Belize, a construction company bulldozed a 2,300-year-old Mayan temple to make road fill.
“This is the heart of the magic factory, the place where medicine is infused with the miracles of science, and I’ve come to see how it’s done.”
