Of course, foreclosures are more likely to hit  low and middle-income homeowners. But the rich and famous are not immune, as shown by this U.S. News & World Report report story. (Ed McMahon can breathe easy, though. Donald Trump has agreed to buy Ed’s home, which is in foreclosure, and lease it back to the Carson sidekick, according to a Los Angeles Times story.

Though seemingly immune to ordinary tasks, celebrities have not escaped the misery of real estate deals gone bad, proving all socioeconomic strata are subject to the slumping housing market. As thousands of Americans grapple with the subprime loan mess, the higher-than-usual foreclosure rate that goes with it, and a stagnant housing market, celebrities also are feeling the pain of bad real estate decisions. Ed McMahon, after his long career as Johnny Carson’s sidekick on The Tonight Show, owes more than $644,000 in mortgage payments on his estate in Beverly Hills, Calif., which he owns with his wife. Facing foreclosure, he is trying to sell the property for $4.6 million, down from its earlier $7.6 million price. McMahon explained the predicament to CNN’s Larry King in simple terms: “If you spend more money than you make, you know what happens.”

Even sadder is the situation of the families whose houses were re-done by Extreme Makeover: Home Edition. A couple of homes re-done as a part of the show are now for sale; their owners can’t afford to pay the extra taxes assessed because of the improvements and added square footage.