A short sale stays on your credit for seven (7) years and, while not as
detrimental as a foreclosure, has nearly the
same negative
impact on your credit score.
Even if they had the
same wealth as us, however, they would still suffer more on average because, as it turns out, the geographical locations in which the rich people live who have caused nearly all of the problems just happen to be the the geographical locations in which the largest
detrimental impacts will be felt (on average).