Anyone reading the newspaper or watching the nightly news knows that foreclosure rates are sky high. Most people probably think it is only the lower levels of society taking and hit but the recent news of Ed McMahon and Evander Holyfield both also facing foreclosure should show that foreclosure is not an isolated problem.

If fact it may be the highest priced homes that are being hit the hardest. When we think of expensive zip codes 90210 is on the top of everyone’s list (mainly due to the popularity of the television show that made 90210 the best known zip code in the world).

Since home prices are highest in areas like Beverly Hills those areas are experiencing an even greater decline. Beverly Hills has seen foreclosure filings double. The housing bubble burst has hit the area hard. If you think it is hard to make payments on a $100,000 house try adding another zero on the end.

The perception is that everyone who lives in Beverly Hills is mega rich and has no worries, well that simply isn’t the case. Foreclosures happen everywhere.

If Ed McMahon could have his home up for sale for 2 years without any offers, that says volumes about the state of the economy in the area. Even foreclosure investors are gun shy in areas like Beverly Hills.

In my home state of Pennsylvania, Gladwyne (a suburb of Philadelphia) saw a 6% decrease in home prices. Gladwyne is the wealthiest town in Pennsylvania, it lies along the fabled “Main Line.” In case you are interested Gladwyne’s zip code is 19035.

Foreclosure notices are everywhere these days but the growing number of celebrities who are losing their homes to foreclosure puts a whole new spin on the mortgage crisis going on in the United States. Hollywood mortgages are larger dollar figures and

The foreclosure crisis is a problem brought on by the lending institutions themselves. The government should not bail them out. Lenders have the ability to renegotiate the terms of their loans and that is what they should be

John McCain recently said “I have a fundamental belief that, I have a great belief that the fundamentals of our economy are very strong, very strong.” John McCain's economy must be associated with some other nation because it certainly