Million-Dollar Homes Sales Rise Nearly 20%

The rich are buying real estate.  After four years of declines, sales of million plus properties rose nearly 20% last year.  Buoyed in part by stock prices which have nearly doubled since their 2009 lows the wealthy are shopping for new homes at a feverish pace.  Getting a mortgage for these expensive homes was cheaper as well.  In 2010, the interest spread on a non-conforming jumbo loan averaged 0.6 points.  That reduction would save the average borrower $780 a month on a million-dollar mortgage.  While real estate professionals can take some solace from the mini boom in high-end sales the rest of the market is facing a potential 25% decline in prices.

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