Business

Next Segment of Housing Market to Crash: $1+ Million McMansions

The Business Insider
Even after a 30% fall from the peak, house prices are still too high. Meanwhile, millions of homeowners are losing their jobs, consumers are still saddled with truckloads of debt, banks are still tightening credit, foreclosures and delinquencies are still soaring, mortgage-mods are a failure, there are still too many houses on the market, wages are declining, taxes are likely to go up, and the economy is likely to struggle for years. In short, it's likely that house prices will now crash below fair value and remain below it for years. So McMansion owners sniffing at current prices and planning to "wait until the market comes back" will likely be waiting a lot longer than they think.
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Posted by Editor at July 1, 2009 07:35 AM