Some people — the usual suspects — have claimed that foreclosures are primarily a sub-prime phenomenon.
That might have been mostly true much earlier in the cycle of credit and housing problems. Sub-prime was the canary in the coal mine, with the financially weakest people most at risk of mortgage delinquency, default and foreclosure.
Today, however, foreclosures are moving up the socio-economic ladder:
Foreclosures on Prime Mortgages
map courtesy of NYT
The Trouble in Housing Trickles Up
NELSON D. SCHWARTZ
NYT, June 1, 2008