Housing crisis increasingly moving up the food chain

As the economy continues to soften, the foreclosures that were initially focused more on homes that were entry-level, in dicey neighborhoods and/or on the suburban fringe continue to move upscale, in this case Hinsdale, IL. From a Reuters story:

With a pretty red-brick downtown lined with stores, good schools and a railway line to nearby Chicago, Hinsdale has been popular among wealthy doctors, lawyers and executives.

It has also seen a 37 percent jump in foreclosure filings this year, according to research firm RealtyTrac, and local data shows the average home sale price has fallen to $1.07 million from $1.15 million in September 2007...

Click here for full story.