In my local real estate market of Southern California, I've noticed a peculiar trend. The inventory of high end homes is at a stand-still and many of the homes on the market have steadily declining price tags. Homes costing more than a million dollars, are generally not moving right now, sitting on the market for months at a time. There's also a trend of the asking prices for these homes moving in a downward direction. However, it seems to only be the higher end homes that are stuck in this decline. Moderate and lower priced properties seem to be staying at a plateau, rather than moving in either direction.
Do you think the double dip is going to be relegated to only high end homes? Is this even a real double dip? Will it move into the lower end market as well?
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