Last year, luxury realtors were counting their blessings. The high-end of the housing market, they said, was holding up much better than the rest of the country.The explanation was simple: the rich had more money.No longer. Today, prices in top luxury markets are falling further and faster than the overall market. The poshest neighborhoods are on track to fall 15% to 25% this year. The reason, once again, is simple: The rich have less money (and there are less of them).
By Robert Frank, July 6, 2009 WSJ Wealth Report

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