While millions of Americans are still out of work and the rollercoaster ride the stock market is putting middle-America through has made 2020 all the more challenging, the rich appear to be getting richer. According to a new report from research firm Wealth-X, the net worth of the wealthiest Americans increased significantly over the past five months and they appear to be investing their money in high-end real estate.
“The luxury housing sector is just simply taking off,” said Lawrence Yun, chief economist of the National Association of Realtors. He noted that more expensive, larger homes are in demand from wealthy home buyers as are second-homes.
Luxury home sales in vacation hot-spots like Palm Springs, The Hamptons and Aspen are on the rise as a result.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.
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