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IPFS News Link • Housing

The High End Market is Dead: Banks Afraid to Foreclose on the Rich?

12-19-2010 • NakedCapitalism.com/

Another possibility is that the market for $5 million and over homes in this area is so thin (as in non-existant) that they are afraid to take over and put any homes on the market out of concern for revealing where prices are now. Needless to say, this anecdote illustrates the two tier system we have in the US, of one set of practices for the very well off and another for the great unwashed.

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Reported By Jack Gregson

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