Foreclosures don’t spare wealthy counties
When we think of foreclosures, we tend to think they happen only in poorer neighborhoods. Well, that’s not the case.
A story by Andy Sullivan for Reuters higlights this fact. In it, Sullivan writes about the rash of foreclosures hitting some of the richest counties in the United States. One of the counties hit hardest is Loudon County, Va. The median household income here is $98,000, something that hasn’t stopped new foreclosures from popping up.
You can read the story here.
So don’t be surprised next time you’re driving through one of the wealthiest neighborhoods in your community; You must might stumble upon a mansion offered on the cheap.
Tags: foreclosures, Loudon County, VirginiaRelated Stories
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1 opinion for Foreclosures don’t spare wealthy counties
Mark Jabo
Apr 14, 2008 at 7:01 am
As you’ve noted, the debt leverage monster plays no favorites.
With a net household debt of $531 billion, things are most likely to get worse before they get better, IMHO.
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