Gated communities facing impending wave of foreclosures

gated communities, conservative strongholds are facing a foreclosure tidal wave: “The next wave of foreclosures will be in gated communities, not on the ‘wrong side of the tracks.: "While the tsunami of subprime foreclosures has
eased, upscale homeowners with adjustable-rate mortgages now risk
losing their homes, according to Zacks Investment Research and Credit
Suisse Group AG.
The CHART OF THE DAY shows the changes in interest rates or payments
growing later this year in two classes of loans known as Alt-A and
Option ARMs.
“Unlike subprime mortgages, these were for the most part targeted at
more upscale homeowners” Dirk van Dijk, research director at Zacks in
Chicago, said in a May 20 report, citing Credit Suisse data. “The next
wave of foreclosures will be in gated communities, not on the ‘wrong
side of the tracks.’”"
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I've been saying this for a long time. Unfortunately this Bloomberg story isn't coming up on their site so I linked to a google group.