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Luxury spending: Real Estate and more

by sfishome on February 21, 2011

Per a front page story on USA Today I noticed this morning while getting coffee:

“Personal embracement of luxury is now back to (pre-recession) 2007 levels,” Taylor says. “We’re seeing that in cars, private jet usage and, finally, in high-end real estate.

Right next to the above cover story was this one on foreclosures being dragged out.

The tale of two markets applies to San Francisco real estate’s micro markets as activity definitely seems to have picked up here in the north end of town where I have 5 properties in escrow (which is the average agents volume for an entire year).

Also applicable to San Francisco’s housing market is this quote from the USA Today story regarding how long it takes lenders to foreclosure on defaulting borrowers:

The delays may translate into higher prices in some markets for foreclosed homes as inventories shrink, real estate experts say. They will also push some foreclosures further into the future, meaning they’ll weigh on housing markets longer.

Higher prices in foreclosures now? But extended for a longer period time? So there’s even two tales on the foreclosure market.

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