In an article published today on CNNmoney.com, they claim "the rich are buying real estate". According to the article sales of million-dollar homes and condos rose last year in all major metro areas. The twenty metro areas saw an average increase of 18.6% in the sale of high-end home.
Higher income households are feeling better about their financial future and they are showing it by making home purchases. With rising confidence the wealthy are taking advantage of real estate bargains and reduced mortgage rates.
We hope this is a continuing trend that trickles down into the median real estate market.
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