26.09.2011 - Housing market is terrific, if you are rich
It's starting to feel as if there are two housing markets. One for the rich and international buyers and one for everyone else. In the housing market inhabited by most Americans, prices have fallen 30% or more since the peak in 2007. That's a steeper decline than during the Depression. Some people have had their homes on the market for a year without a single offer. Almost a quarter of American homeowners owe more on their house than it's worth. Another quarter have less than 20% equity. About half of homeowners couldn't get a mortgage if they applied today, says Paul Dales, senior U.S. economist for Capital Economics..............................................Full Article: Source
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