The Millionaires even have rough. You should not feel like chicken little if you think you have it tough. Those with over 3 million in assets do not consider themselves wealthy in this survey.

The Fidelity Millionaire Outlook, a survey of 1,000 people with at least $1 million in assets to invest, found that you don’t have to be a laid-off worker in a rust belt state to have a negative view of the nation’s economy.
Using a scale ranging from minus 100 as the worst to 100 as the best, the survey found that high net-worth individuals have a minus 50, or “very weak,” view of the economy right now. Article.

Also, on a less positive note, if that is possible, home prices have dropped the most in nearly 4 decades.

Sales of new homes dropped by 8.5 percent last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991, the Commerce Department reported Thursday.
The median price of a home sold in March dropped by 13.3 percent compared with March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970.
Housing, which boomed for five years, has been in a prolonged slump for the past two years with sales and home prices falling at especially sharp rates in formerly hot sales areas. Article.

Hawaii's Woes

Hawaii, the land of sun and fun is seeing an increase in bankruptcy filings, with no end in sight.

At Consumer Credit Counseling Service of Hawaii business is booming, especially when it comes to providing the mandatory financial counseling that's required before someone can file for bankruptcy.
That's been increasing and figures to rise even more this year, says Wendy Burkholder, head of the agency that provides advice and counseling on how to handle debt problems.
"I think we're going to see a tremendous increase in volume this year," said Burkholder, ticking off a list of factors that could contribute to a rise in bankruptcies. Rising adjustable-rate mortgage payments. Record gasoline prices. Higher food prices. Aloha Airlines' collapse. The closing of Molokai Ranch.
"It's going to be a really busy year."
Bankruptcy filings are increasing in Hawai'i, as witnessed by an about 26 percent jump during the first three months of the year. The surge in people going broke is in line with the trend nationally, where experts are saying heavy household debt burden and growing mortgage problems are forcing people into bankruptcy court.
The increase is being driven by a number of factors, one of which involves some history. A year and a half ago the U.S. bankruptcy code was tightened up, making it more difficult for people to clear their debts through the process. Congress changed the law after credit card companies and other lenders complained too many consumers were using bankruptcy to shed debt even if they could make partial payments. Article.

Of course to make matters worse, housing prices in Hawaii are extremely high with an average home price of nearly $1,000,000.

Terry Tolman, chief staff executive of the Realtors Association of Maui, noted that Maui real estate has shown a “general cooling trend” since its peak in mid-2005. But nothing like the plunge being experienced in many Mainland areas.The association compiles the numbers from its Multiple Listing Service database. Tolman cautions that particular neighborhoods can diverge from the overall trend.The trend for single-family homes shows a 12 percent decline in average prices, which were over $1 million a year ago. So far this year, the average is $909,000.But median prices, which are less affected by whopper sales, have moved much less. They are down 4 percent to $603,000.The number of days on market, which gives an idea of how hard it is to sell a house, was 162. That was about a month longer than last year. Article.

US Real Estate News

The fall of the housing market in the US has done some curious things to the rental market. In some areas rents dropped, in other areas rents kept on climbing. Real estate in California has seen the bottom fall out, but rents are rising in many areas.

Looking for a good deal on rent in a dynamic city? Consider Phoenix, where the median price for an apartment fell this year to $939 per month, down about nine percent from $1,035 in 2007. Or maybe give Austin and Miami a shot, since both markets saw median rents fall by three percent, to $907 per month and $1,368 per month respectively. Willing to pay more for a spendy metropolis? Then you won’t mind that the median monthly rent for a New York apartment climbed nine percent to $1,751 and that Seattle’s rent rose 10.3 percent to $1,211 per month. Article.

Home buyers and potential home buyers in the US are afraid of what lies ahead.

In a vivid sketch of how the sputtering real estate market is causing distress throughout the country, the Associated Press-AOL Money & Finance poll found that more than a quarter of homeowners worry their home will lose value over the next two years. Fully one in seven mortgage holders fear they won't be able to make their monthly payments on time over the next six months. Article.

Foreclosures Make Denver Risky

Forbes.com has published a list of the top 40 most risky cities in the US real estate market to invest in. Denver is in the top ten because of the sheer number of foreclosures that are taking place in the city.

Detroit was the riskiest market on the Forbes list, followed by Orlando, Fla.; Cleveland; St. Louis; Miami; Las Vegas; Sacramento, Calif.; Denver; Tampa, Fla.; and Phoenix.
Denver's ranking was based largely on the number of foreclosures the city has experienced, which amount to 2.6 percent of the market, according to Forbes.com.
"What's less risky than other markets is that despite the national economic downtown, Denver continues to add jobs, with a job growth rate that's held steady at about three times the national average," the online article said. Article.

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Spring Time: Will Real Estate Recover?

Some will always prosper despite the shape of the economy. Lawyers are part of the 'always prosperous' family. With the number of real estate foreclosures in Florida the Law firms are raking in the cash. Real Estate in the US is in rough shape but law firms are increasing there staff to deal with foreclosure madness.

"As you know, Florida has very high foreclosure rates because of the boom in real estate in Sarasota and in Tampa," said Ken Goins, chief executive of foreclosure processing firm Prommis Solutions, which is seeking to expand into Florida. Prommis Solutions is owned by Boston private equity firm Great Hill Partners.
Because of the subprime mortgage mess, foreclosure filings by banks and mortgage servicing companies in Hillsborough County Circuit Court - as in other courts in Florida - have more than doubled since this time last year. According to clerk records, there were 1,475 new mortgage foreclosure suits in Hillsborough County in February compared with 562 cases in February 2007 and 271 cases in February 2006. Article.

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