Posted by Jonathan J. Miller -Wednesday, February 29, 2012, 12:38 PM
The Caroline Hepker of the BBC reports on the uptick in short sales on the East End. There are more and the number of high end listings are rising. I’m not clear of the reference for the following statement but she cites that:
For the first time, America’s wealthiest families are now losing their homes at a faster rate than any other group.
For my part, I was asked to discuss the state of national housing market for context. Short sales were not held back by the robo-signing scandal that had the effect of providing a temporary reprieve from foreclosures entering many housing markets across the country.
Short sales are a fact of life everywhere and don’t generally depress housing prices in and of themselves since lenders won’t accept offers that are significantly below current market levels.
House hunting in Hamptons as US market remains depressed [BBC News]