Wednesday, April 30, 2008

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.

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