Foreclosures come to McMansion Country

I recently read the article “Foreclosures come to McMansion Country” by Andy Sullivan. In this artile, Sullivan describes the increase in foreclosure rates associated with high end real estate.
Lower class citizens were not the only group of people in the U.S. to accept high risk loans. Wealthy individuals took out loans that were unaffordable. Many of these people were drawn in by many modern amenities which carry high price tags. Did the difference in social classes affect the way that Americans chose to undertake risky investments?
The term “McMansion” is used to describe luxurious homes which carry high price tags and square footage. But, these McMansions are frequently built together using similar sets of drawings. For many affluent buyers these homes were not affordable but found a way to purchase them. As adjustable rate mortgages matured, these buyers were faced with a monthly payment which quickly became anything but affordable.
Buyers who cannot afford to own and maintain McMansions are often forced to put their home on the market. However, this segment of residential real estate can be challenging to sell. The asking price for pre-owned McMansions is often equal to or more than new construction pricing.