(Source: CBS MoneyWatch By Ilyce Glink) – What Main Street has been enduring for years now is finally hitting close to home, pardon the pun, for the rich and famous. Grammy-winning R&B singer-songwriter R. Kelly is undergoing foreclosure proceedings on his south suburban Chicago home. The 11,140 square foot property was purchased by the superstar in 1999 for $3.5 million. Unfortunately, the home isn’t worth what Kelly paid.

Like a majority of homeowners in America, Kelly is underwater with his mortgage, owing a balance of $3 million on a residence that lost 26 percent of its estimated value between 2009 and 2010.

Source: CBS MoneyWatch By Ilyce Glink

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