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We’re not seeing the big comeback in the homes that are above $2 million or so, but when you get above $3 million, that affluent buyer has the resources that they want for the custom home. Builders don’t do those on a sporadic basis — they do them as an as-come basis.
What we’re seeing more is the modest home owner, the home owners that are in the $300,000 to $500,000 range that are really watching their budgets, they’re not doing the buying. There’s no incentive for them to go out and buy. They’re more concerned about the unemployment, and that area we’re beginning to see just a stagnant situation.
– Russ Haraus of Appraisal Research Counselors, talking about home sales and construction in Chicago on CNBC’s Realty Check yesterday afternoon.