Media: Do your homework
Reader comment on: NYT on 'Rich' Mortgage Defaulters
Submitted by Anneke (United States), Jul 10, 2010 10:53
If this reporter had been honest, intellectually or politically, he would've talked about the high cost of housing in the San Francisco Bay Area, the high unemployment rate in California, the number of employers packing up and moving out of the state, etc.
A 1.5 million dollar house in the Bay Area is not a mansion as the picture accompanying the article suggests. It's most like to be a 4-5 bedroom tract home in a newer community. I could buy a palace in places like Kansas or Alabama for what my small house is worth in California. Instead, the disingenuous reporter relies on a data correlation that is "hard to prove" and unsubstantiated opinion from an economist with either socialist or envious motives.
"Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment. "The rich are different: they are more ruthless," said Sam Khater, CoreLogic's senior economist."
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