Frankly My Dodd, I Don’t Want to Hear It.

About 7.7% of all mortgages nationwide are in trouble, either seriously delinquent or already in foreclosure. But somewhat surprisingly, ritzy ZIP codes like Gotti’s Old Westbury 11586 aren’t immune. Far from it. According to LPS Applied Analytics, 6.5%, or 33 out of the 516 active loans in her area are in some stage of delinquency. In nearby Great Neck, the default rate is even higher. Of the active home loans in the peninsula enclave, 7.2% are in some stage of foreclosure or pre-foreclosure.

http://realestate.yahoo.com/promo/rich-neighborhoods-riddled-with-foreclosures.html

 

And right-wingers want to insist that it was poor people buying homes that caused the market to crash, when this shows that the poor did not default at any greater rate than the rich.

The median value of loans on foreclosed homes since 2008 is over $144k.

Not low income housing, by any stretch.

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