01.10.2008 - US housing woes spread to wealthy
From Telegraph: Foreclosures on homes worth more than $1 million (£500,000) have nearly doubled since last year and more than doubled on properties worth at least $2 million. Experts have warned that the crisis is certain to worsen as the effects of the job losses on Wall Street are felt on the property market. So far, the worst hit areas have been "Sun Belt" states such as California, Nevada and Florida, where it is common to find luxury homes now on sale for half their price before they went into foreclosure..... Full Article: Source
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