“The rich are different than you and me,” said F. Scott Fitzgerald. To that Hemingway was quoted as saying, “yes, they have more money.” If we were to ask that question again today we would find out that they foreclose in higher rates than the average home owner. One in seven homeowners with loans over $1 million are now seriously delinquent versus one out of twelve for the overall population. The rich are foreclosing in spectacular fashion. Most of those living in Southern California are fooled by the leased European luxury cars or the expensive homes that carry a substantial mortgage behind the scenes. These statistics only verify what most of us already know. Appearances are big in many markets especially in the land of Hollywood. Make no mistake that there are many rich people in California. Yet there are more phony imposters that merely bought all the trappings of wealth by leveraging their balance sheet to the hilt. Today we are going to dig deep into the Beverly Hills foreclosure market.
When it comes to foreclosing people living in once high priced homes are likely to be the most strategic in defaulting. Banks are slower to move on higher priced foreclosures because the market is thinner at the top. Plus, they just like pretending their balance sheet is worth what they are telling the public. Now that the toxic debt party is over good luck selling some of these homes. Take a look at this home selling in the 90210:
Read on.
No comments:
Post a Comment