Nearly a year after the mortgage meltdown became front-page news, the Schneiders’ travails reflect how the nation’s housing woes have moved beyond subprime borrowers in working-class neighborhoods and into the realm of upper-middle-class homeowners.
Last week, a new report showed that house prices nationwide were off 14.1 percent from a year ago, while the Commerce Department said sales of new homes remained near their lowest levels since 1991.
Sales of existing homes here are down 22.5 percent from the first quarter of 2007, according to G. Donald Jud, a
“In some ways,
The one exception to this otherwise sobering picture is Irving Park, a gracious neighborhood where some of
“Hopefully, we can buy enough time to sell off their properties.”
To make matters worse, these outlying suburbs were built on the premise of cheap gasoline, says Keith G. Debbage, a geography professor at the
Mr. Debbage says the very top end of the market in Irving Park is unlikely to feel anywhere near as much pain as newer, middle-class neighborhoods. For those in