The American Dream Is Dead For Everyone But A Happy Few"
by Tyler Durden$250 Million homes in Europe, $150 Million homes in the US, and as Bloomberg notes
Million-dollar homes in the U.S. are selling at double their historical
average while middle-class property demand stumbles, showing that the housing recovery is mirroring America’s wealth divide. As CoreLogic notes, "the real estate market is the ultimate reflection of confidence, wealth and income," as purchases costing $1 million or more rose 7.8% in March, while sales of homes costing less than $250k plunged 12%,
as "the same factors driving the income stagnation in the middle are
driving the income momentum at the top." The luxury markets are indeed
on fire as foreign (and domestic) super-wealth floods into real estate
but as NewEdge's van Batenburg notes, echoing ur very words, "The American Dream is dead for everybody but the happy few who have enjoyed the tailwinds of the appreciating stock market."
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