It’s not just poorer folks who are going through foreclosure; many McMansions are also being foreclosed:

The sharp increase in housing costs — and the desire to live in brand-new, spacious houses with modern features — led many affluent buyers to take out loans they couldn’t afford.

“People had in their head, ‘I need a mud room, I need giant columns, I need a media room, and I’m going to do anything to get it,”‘ said Robert Lang, co-director of Virginia Tech’s Metropolitan Institute, a research organization that focuses on real estate and development.