Different from You and Me

Many people wonder if the rich have trouble making ends meet. It so happens that they do. A recent report shows that while foreclosures on median homes are down substantially within the last year, the foreclosure rate on homes valued over $5 million rose 61%. It is true that high-end properties are a small percentage of mortgages compared to real estate owned by average, working class men and women, but the potential losses faced by the banks and mortgage companies are obviously much greater with these super-sized homes that potentially carry a large loss and a long resale period.