This has been all over the internet:
The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.
Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.
More than one in seven homeowners with loans in excess of a million dollars is seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.
By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.
It seems like it would be much harder to come up with the payment on a million dollar house than a fifty-thousand dollar condo, almost any job will pay you the four-hundred dollars a month you need to stay current on a small property, finding a job that pays enough to stay current on a million dollar home would not be so easy. In other words I think this is pretty much a non-story, accept maybe for the idea that housing bubbles should be discouraged in the future to avoid all the misery the foreclosure crisis causes at all levels of income.