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Here’s a Nice Summer Diversion: Take a Tour of McMansions That Won’t Sell

Now that summer’s getting into full swing, it’s time to slow down and take a few moments to daydream and compile wish lists. In that spirit, Time offers a

Jul 31, 2020
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Now that summer’s getting into full swing, it’s time to slow down and take a few moments to daydream and compile wish lists. In that spirit, Time offers a galleryof McMansions across the country that just won’t sell, despite prices that have been drastically slashed. All this is part of a bigger problem in the housing market, as Timeand others have explained: First-time homebuyers are snapping up foreclosed homes at bargain prices, but more expensive homes aren’t selling. With few move-up buyers trading up from their current homes, the housing market remains stalled overall, despite spikes in foreclosure sales.
That’s worth keeping in mind, whenever new housing numbers come out and you try to understand what’s going on. Also, if you somehow hit the lottery, you could snap up a dream house at a bargain. Takea look. My favorite is the housein California, just a five-minute drive from the beach. It won’t sell, despite being priced almost $1 million lower than its initial listing, because there are so many houses even closer to the beach that are better bargains. It’s hard to remember that just a few years ago, buyers would have wildly outbid each other to snag a home a short drive from a California shore.
In McMansionland, a market with a dearth of move-up buyers is giving new meaning to the concept of affordable housing.
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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