Housing sales for 1% skyrocket while down for 99%. Middle class wages and credit aren't expanding-CNBC

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5/27/14, "Housing 1% soars as 99ers dive," CNBC, Diana Olick

"Sales of the most expensive 1 percent of homes in the U.S. are up 21 percent this year, according to a report from Redfin, a Seattle-based real estate brokerage. Sales in the remaining 99 percent are down 7.6 percent....

The trouble in the middle of the market is that credit and wages are not expanding, so there isn't enough income to drive more price gains overall.


"People can't afford to buy houses once they've gone up 10-15 percent, and so they're stepping back, but you still have some fairly wealthy folks who are stepping in," concluded Kelman." via Drudge


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