Even the Rich are suffering these days
Bailout News, California Housing Crash, Florida Housing Crash, The Economy, Real Estate May 19th, 2009
We have been saying this for a long time. Rich people are the last ones to suffer a recession but they are not immune to it. It has taken a little long but the rich are finally joining the rest of the country. According to the Wall Street Journal:
Fire-sale auctions of mansions, yachts, sports cars and other trappings of wealth have become increasingly common as the rich become less rich.
Half of all millionaires have lost 30% or more of their fortunes during the financial crisis, according to a recent survey from Chicago-based Spectrem Group. Whether unable to pay their bills or loath to appear lavish at a time of national thrift, many millionaires and billionaires are unloading their baubles. In a twist on the estate sales of deceased celebrities, “living estate sales” have become increasingly popular.
