SAN FRANCISCO — The "mortgage virus" has hit more expensive homes in San Francisco and the Bay Area — around this time last year, there were about 12 months’ worth of unsold inventory above $1 million on the market.
Whereas the amount of inventory for cheaper homes has gone down over the past year, it’s gone up for those $1 million and above, to almost 19 months’ worth now.
The problem: The more well-to-do folks are just now feeling the burn of the credit markets, and may have gone burned through most of whatever was cushioning them from the ravages of the economy. And now that people are trying to unload their expensive homes, with their expensive mortgages and all, no one’s around to buy. But this, too, shall pass. Right? Right?
Reposted with permission from Curbed.com. Click here to view original post.
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