The New York Times has recently published an article saying the rich are in default on their mortgages at a higher percentage than the average home owner.  The recession has obviously affected the middle class, and now it’s starting to reach the wealthy.  According to a real estate analytics firm, more 1 in 7 homeowners with loans over $1 million are in default.  In contrast, homeowners with lower priced homes are delinquent on 1 out of 12 mortgages.  For investment or second homes over $1million, the delinquency rate is 23%.

The Rich Are Dumping Their Mortgages