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| How far does $1 mn go in US housing |
| How far does $1 mn go in US housing markets?
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| UNITED STATES OF AMERICA
, 29-September-2009
3:9:7 AM |
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A million dollars doesn't buy you what it once did. In most US neighborhoods, it now gets you a lot more.
During the housing boom, prices rose so high and so fast that even cookie-cutter homes in the paved suburbs of South Florida and California could cost a cool million. In Santa Clara, California, a high-tech hot spot, the median price hit $836,780 in 2007.
That was a long way from the days when a million-dollar home evoked images of marble columns and swimming pools with vanishing edges. Subprime loans allowed more Americans than ever to buy houses that were once above their means. Higher demand fuelled ever-higher prices until the spigot of cheap money was turned off and the housing bubble burst. The recession forced many well-heeled buyers into unemployment lines. And sales of homes over $1 million cratered by more than 50 per cent from the peak four years ago.
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