A Housing Bottom Is in View ... Maybe
The high-end housing market, principally those homes priced between $1 million and $3 million, is finally going through the process of price discovery as sellers capitulate to buyers' offers that are about 20% below year-ago levels. There are both positive and negative implications of this development.
Residential properties priced in excess of $1 million are traditionally the last to experience value reductions in a housing correction. Once that starts, it typically indicates the beginning of a secular bottoming process for home values nationally. What we have to determine is where the actual bottom for high-end prices will be and what this portends for housing and the overall economy....357 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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