The uber rich should worry. Really, really bad. That’s the current outlook for luxury housing in the United States. Right now, the supply of high-end homes is rising, demand is falling, and prices are being cut. It’s not exactly a recipe for success if you’re trying to sell your multi-million dollar home. Making matters worse, an ongoing Federal criminal investigation into wealthy home buyers across the country is scaring away skittish foreigners. All of this spells trouble ahead for shares of luxury homebuilders.
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