Actually, the rich are worse than us. They’re now the biggest defaulters on home mortgages across America, according to the New York Times.

It’s tempting to snort with delight at their plight. But here’s the problem: These walk-aways are probably tied to 1.) Loss of jobs. 2.) Loss of wealth due to Wall Street’s crash two years ago. 3.) Loss of home values. This isn’t happening because of nasty subprime interest rates and loan teasers—and that’s a big concern. It’s about jobs. Too many people are barely hanging on.

File under: F. Scott Fitzgerald, you were right, to an extent

PS: The $1 million home threshold isn’t necessarily a mark of the truly wealthy. But the story makes its point. These aren’t the working poor, working-class and middle-class who are defaulting.

Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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