A housing bubble report from the Milwakee Sentinel. "Home foreclosures nationwide have surged this year, amid evidence that many well-to-do buyers borrowed beyond their means. What's startling isn't just the higher numbers, but who they represent, the affluent, not just the down and out."

"'These are the ones with a bigger ability to get money, the executives, businessmen and professionals, buying more than they can possibly afford,' said Brad Geisen, of Foreclosure.com. 'They were banking on price appreciation continuing to go up fast, and pulling their money out in time.'"

"It didn't work. 'With interest rates almost double what they were two years ago, their payments are up, and they're finding it's not as easy to sell,' Geisen said. 'Some leveraged the equity in their primary residence, to the max, to buy a second home.'"

"'I'm certainly aware of the spike,' said attorney Peter J. Zwiefelhofer, who runs Milwaukee Bankruptcy Center. 'A lot of people overpaid for their house in this boom and a lot of properties were appraised at unrealistically high prices, mostly by subprime lenders looking to close a deal. Plus, there's a lot of unsophisticated people out there who look at a mortgage as just a payment and say, 'Oh, I can swing that.' But they can't.'"

"Until this year, most financially strapped homeowners could count on a booming housing market to provide them a quick sale. But that's over."

"'One thing I've learned: The more expensive the house, the more difficult it is to unload,' said Milwaukee bankruptcy attorney Bruce A. Lanser. 'In a case where the house is upwards of $400,000 to $600,000, I used to think, 'Oh, great house.' But those houses are not selling that well anymore.'"

"(Broker) Scott Heyerdahl in Hartland, said he sees no evidence of forced home sales in the heart of Waukesha County's coveted Lake Country. 'What I have seen that's new is sellers with a short leash. They purchased other properties and it's non-contingent' on the sale of their existing residence, Heyerdahl said. 'Those are the folks really on the edge of their seats these days.'"

"Mike Ruzicka, president of the Greater Milwaukee Association of Realtors, sees a cautionary tale in this uptick of hard-luck stories. 'All these people who went to creative, risky financing were buying time, but it's a house of cards,' Ruzicka said. 'Hopefully, everybody in these riskier adjustable loans will take a hard look at things and maybe refinance into a 30-year fixed rate mortgage before it's too late.'"