Mortgage meltdown climbs socioeconomic ladder

06/2/2008 | International Herald Tribune

After nearly a year of beating down working-class neighborhoods around the U.S., the mortgage meltdown has spread to hurt upper-middle-class homeowners in the suburbs. The impact is also expanding to real estate markets that managed to avoid the excess home-price inflation of the past decade. In places such as Greensboro, N.C., much of the resale market is frozen, with only the top end showing signs of life. Sales of existing homes in the first quarter were off 22.5% from 2007.

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