Wealthy Leaving Las Vegas Mansions as Foreclosure Pain Spreads

Bloomberg article

Interesting stuff in here, including Nicolas Cage buying a $9 million house and using it for all of four weekends.

He bought expensive mansions all over the world on the assumption that he could re-finance ... well, who is going to lend money when the asset is worth a quarter of what it was?

For decades people have been walking out of one house and buying an identical unit across the street at half the price. There is no stigma to bankruptcy anymore and there is considerable stigma to sitting there and paying a mortgage when half the houses on the block are for sale.

As to the details of the lawsuit about Nicolas Cage, I don't know but people who go on buying sprees tend to be optimists .. and sometimes its better to be a Dont Pass bettor.