Industry News

Wealthy Americans confident that real estate will hold its value

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Almost two-thirds of wealthy Americans expect to see double-digit increases in the value of their primary homes over the next five years, with about one-third of them anticipating the value to rise 20 percent or more, according to a survey released this week by The PNC Financial Services Group.   "Our findings indicate that many among the wealthy will not believe there is a real estate slowdown until they see it reflected in their property values, especially in regions of the country where prices have skyrocketed during the past five years," said Nicholas Buss, senior vice president and real estate economist at PNC, a financial organization that provides banking, real estate finance and lending services.   "As an investment, real estate has been an increasingly dominant asset class over the past five years. The party may be over for those who have been 'flipping' houses and using real estate to get rich quick. But, in general, established wealthy Americans have not been specu...