California’s Millionaire Clearinghouse Problem

California has a problem clearing the high end of the real estate market. People in million-dollar homes don’t all have the same need to move, so they are waiting and hoping that markets will recover from their “error” and once again accord them the value for their over-priced houses that they would like. Good luck, given the disappearance of the trade-up market.

2009-06-17_1117

[via Bloomberg]

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