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The wealthy are defaulting on their mansions
By ft Editorial Staff • Jul 27th, 2010 • Category: real estate newsflashWhether financing residences, second homes or investment properties, homeowners with million-dollar mortgages are defaulting on their loans at a rate greatly exceeding that of the rest of society. One in seven million-dollar mortgages (14%) are in serious delinquency; by comparison, only one in 12 for mortgages below the million dollar mark (8.3%) are seriously delinquent. [...]
