In Two Housing Markets, Recession is Either Memory or Reality
September 22, 2011, 5am PDT
There are two housing markets, "one for the rich and one for everyone else," writes Michelle Conlin. Sales and subsequent bidding wars are back in richer neighborhoods, while approximately 98.5% of the population see no end to the recession just yet.
"Normally, these two segments of the housing market rise and fall together. But now, they're moving in opposite directions.
'Luxury is the best performing segment of the housing market right now,' says Zillow.com chief economist Stan Humphries."