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Foreclosure tsunami hits high-end homes

As unemployment persists, more affluent borrowers facing inevitable
Published on Mar 12, 2010

A few months ago, one of my columns focused on the tie-in between unemployment in the financial sector and the high-end home market. As it turned out, my theory that the formerly well-paid employees of giant financial firms had managed to stow away enough assets to withstand long-term unemployment, but after a year of no work would begin to wind down their savings -- with many losing their gorgeous homes -- has, unfortunately, panned out. And on a broader scale than I at first imagined. I had been thinking too narrowly. It's not just former financial types who have lost well-paying jobs, but others throughout all industries all across the country have done so as well. These formerly well-paid executives are now facing the ultimate personal finance nightmare: a dead-end mortgage situation. Truthfully, I would like to report otherwise, but recent statistics are bearing out this uncomfortable conclusion: Intransigent unemployment, with many states' jobless rates stuck in doubl...

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