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The interesting part of the story is that the people with $700k mortgages - I'd hesitate to call this class 'the wealthy', more like the 'above-average middle class' - are getting hit with a double-whammy: their wages are paying for the mortgage subsidies for the poor which are driving their own mortgage needs off the market.

Next stop: universal health care. Then the real gnashing of teeth starts.

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In the state of Georgia, I'd definitely call someone with a $700k mortgage wealthy. I'm in an affluent suburb north of Atlanta and I'd probably be showing some bias if I didn't consider myself to be wealthy in a $400k house. If I read it correctly, the example given in the article was for a refinance for a lower rate, and while that would be nice, it's not as likely to be a necessity. I've considered a refi, but as a small business owner I'm not sure I'd qualify in the current climate (even though my software company is still making money).

I'd say much of this board disproportionately lives in places where $700k is the going rate for a normal mortgage, though.

My definition of 'rich' would mostly include people who don't need $700k mortgages.

Agreed on the HN demographic. I have lived in the NYC metro area and felt the pain of expensive housing, and I would only do it again if I met your definition of rich.

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