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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top