April 7, 2008 (LPAC)--"Foreclosures come to McMansion country" is the headline of an article published in China Daily today, featuring the collapse of the insane Ground Zero real estate bubble in Loudoun County, Virginia. The article shows a photo of two Loudoun realtors in an empty, monstrously cavernous McMansion, with a caption explaining that the house had been foreclosed and "winterized"- since no one is expected to buy it any time soon.

"The U.S. housing crisis has come to McMansion country," the article states. "Just as the foreclosure crisis has hollowed out poorer neighborhoods, 'for sale' signs are sprouting in upscale developments so new they don't show up on GPS navigation screens. The crisis has hit especially hard here in Loudoun County, Virginia, where upscale developments have supplanted horse farms over the past fifteen years." The article describes Loudoun's alleged affluence, and gives details on the "McMansion" monsters, and how many people took out risky high interest loans to fund them. While the first foreclosures were in poorer areas, now they are coming more in more on properties worth more than $800,000, China Daily reports.

There's no use for denial, everyone knows.