Reply to WSJ: rapidly growing mismatch between the price of available housing inventory and demand

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]When a double income household with each partner making in the low to mid $100ks (3 x the national median income and more than 2x the DC median) are locked out of most desirable areas- you have a market that's not sustainable.  [/quote]

National stats aren't relevant to the DC area, are you still waiting for NYC to fall[/quote]

Lots of million plus homes that are sitting for months in the DMV.  20-30 year old mcmansions that are dated but listed for 1.2 starting.  High end luxury is already falling, the cuts will start from the top and work their way down.  What % of people earn more than the 400k required to buy a 1.2 million home? My guess is a lot less than the % of million dollar homes in this area which is a demand mismatch.  Something will give somewhere.  The pool of high end buyers isnt as big as everyone likes to think (thanks to the rubbish economy and growing wealth gap).  The Fed sought to reflate housing during the last crash and now theyre fretting about how to resolve the 0% money beast.  
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