Foreclosures, typically limited to gritty urban neighborhoods, are hitting toney communities.
Since January, pricey places such as Brookline, Nantucket, Weston and Wellesley, where the median price of a single-family home exceeds $1 million, have had 16 homes seized by lenders, according to The Warren Group.
“Most economic downturns impact low-income communities disproportionately, but what we’re seeing in the suburbs demonstrates that this problem of over lending, over borrowing is contagious to wealthier towns,” said Nicholas Retsinas, director of the Joint Center for Housing Studies at Harvard University.
