Foreclosure tsunami hits high-end homes

As unemployment persists, more affluent borrowers facing inevitable

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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.