CNN iReport

I did a survey today of my surroundings to see what areas have been hardest hit by mortgage foreclosure and default. I rode through residential areas where houses sold for just over $100,000.00 and areas where houses sold for a million dollars. Guess which area had the most "For Sale" signs, empty houses, and foreclosures. The upscale neighborhoods by a margin of 3 to 1.

The point is Republicans and Wall Street spin doctors are attempting to blame the economic collapse on laws requiring lenders do more to fund mortgages to people who want to buy homes in less desirable areas. A noble goal that provides too many benefits to list in this article. These areas seem to be doing fine, they show few signs of economic collapse.

On the other hand the million dollar club shows indisputable signs of economic collapse. Empty houses, For Sale signs, Foreclosure sales. Yards no longer maintained. The people who bought these homes wasn't your average middle class, they were in the upper income range using interest only loans trying to profit from a racing housing market. They placed a bet and lost. This is who you want me to bail out, No Thanks.