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Trouble In Paradise - Celebrity Foreclosures

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By : M Shane    99 or more times read
The popular media, ever bored of actual news, has been enjoying something of a field day, thanks to the more extreme stories arising from the problematic real estate market. Perhaps, in an attempt to make millions of people faced with mortgage problems feel better about their own desperate situation, the feeding frenzy surrounding the failed finances of the rich and famous, has reached fever pitch.

Whether it's celebrated California beach houses, once valued at $30 million and now selling for peanuts, or acres of South Florida condos being devastated by a hurricane of foreclosures, the national press, TV news and web bloggers seem positively thrilled to be able to deliver the latest tales of doom.

And the global obsession with celebrity has, of course, allowed for some truly depressing tales of excess and failure. Take, for example, Academy Award winning Hollywood actor Nicolas Cage. His apparent obsession with multiple home ownership, and subsequent losses, has made him a popular target of much media derision. Several homes lighter, he has become the poster boy for seriously flawed property portfolio management. And as each overpaid sports star, musician, actor or reality TV 'celebrity', joins the growing list of those faced with losing their multi-million dollar houses, the media are there to revel in the sordid exploits, and depressing downfalls, of once lauded names.

Should it really come as a surprise to us, that those living in, what appears to be such an artificial world, are just as likely to find themselves in trouble as the rest of us? After all, they are only singers, movie stars and quarter backs, not finance experts. Some, sadly, have employed greedy, or incompetent, accountants while others have simply squandered money on lavish lifestyles, without a thought for tomorrow. The majority of home owners in trouble today have not had the luxury, or the arrogance, to believe that they are untouchable. The global crisis affects us all, whatever our circumstances, and we should be concerned equally, or more so, for our neighbors as we are for celebrity defaulters.

Like the rest of us, it seems that the popular media really doesn't know what will happen in the housing market in the near, or long-term, future. Despite the daily diet of upbeat predictions, or equally frequent counter-tales of forecasted gloom, we are at least able to gain some gratification and comfort knowing that those big names, to whom so many of us look for inspiration, are as equally impaired and desperate as the rest of us. Well, nearly.

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