As Rich alluded to in a recent article the higher end areas weren’t necessarily all bought into by the upper class millionaires. Many were middle class families who suddenly attained the American Dream of being rich because their equity doubled, so they went out a bought an even bigger house.
There’s no reason to think any place is immune in this downturn, particularly since we are only now seeing the spillover effects that a year ago BB said were non-existant.
Subprime was such a disaster MSM and all the “experts” thought that was the extend of the problem. “Prime” will probably dwarf sub-prime.
