Fat Wallets; Fatheads
Just cause they got money, don't mean they got any sense.
See Denver Post business columnist Al Lewis for proof:
If there's a housing bubble about to burst, wealthy homeowners may not see it coming.
In a survey of wealthy Americans by Pittsburgh-based PNC Financial Services Group Inc., 65 percent said they expect to see double-digit increases in the value of their homes over the next five years.
Thirty-one percent said they anticipate an increase of 20 percent or more.
And only 7 percent said they expect to see any decline in the value of their homes.
The survey canvassed 1,500 people with liquid assets of $500,000 or more.
"Many among the wealthy will not believe there is a real-estate slowdown until they see it reflected in their property values," said Nicholas Buss, PNC's real- estate economist.
So far, that's not happening for owners of high-end homes, even as slowly rising interest rates have softened the residential real-estate market overall.
— The Boy in the Big Housing Bubble
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