Amid signs that price declines are decelerating in the nation’s hardest hit housing markets as they presumably near a bottom, there’s another sobering conclusion: Home price declines are accelerating in markets that haven’t yet seen much housing pain. While delinquencies remain low overall in the nation’s high-end neighborhoods, First American CoreLogic and its LoanPerformance Home Price Index, the Santa Ana, Calif.-based research firm, notes that mortgages are going bad at a faster clip in many of these affluent neighborhoods. As Developments has noted job losses, a lack of financing, and resetting mortgages have created a perfect storm for many of these communities that were long seen as immune from the housing downturn.
By Nick Timiraos, May 27, 2009, WSJ

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