Industry News

Survey: Home-price declines not a big worry for wealthy

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About 46 percent of wealthy Americans are more pessimistic about the real estate outlook in 2007, while only 15 percent said declining home prices are a concern, according to a survey by PNC Wealth Management, a part of The PNC Financial Services Group. The survey was conducted online by Harris Interactive in October and November among 1,107 adults with annual incomes of $150,000 or more, at least $500,000 of investable assets (if employed) or at least $1 million of investable assets (if retired). The total sample included four groups: 500 with assets of $500,000 to $999,999; 434 with assets of $1 million to $4.9 million; 89 with assets of $5 million to $9.9 million; and, 100 with assets of $10 million or more. "While PNC's survey results showed the wealthy worry about real estate on a macro basis, it also revealed minimal concerns with their own property values," according to a company announcement this week. When asked if a decline in real estate investments other than their pri...