TIME.COM / SONJA STEPTOE / LOS ANGELES

If Wall Street wants to get even more worried about the real estate market, it need look no further than southern California. There, the culprits aren’t just the bad-credit borrowers whom banks and lenders loaded up with ballooning debt to purchase their dream homes. The well-to-do have partaken of those treacherous loans as well. And now everyone is hard-pressed to pay as interest rates rise.

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