From the Fiscal Times:
In America, it’s starting to feel as if there are two housing markets. One for the rich and one for everyone else.
Consider foreclosure-ravaged Detroit. In the historic Green Acres district, a haven for hipsters, a pristine, three-bedroom brick Tudor recently sold for $6,000 — about what a buyer would have paid during the Great Depression.
Yet just 15 miles away, in the posh suburban enclave of Birmingham, bidding wars are back. Multi-million-dollar mansions are selling quickly. Sales this August were up 21 percent from the previous year. The country club has ended its stealth discounts on new memberships. And Main Street’s retail storefronts are full.
Before you say “but that’s Detroit,” look at the same trends in Massachusetts. Granted, there are absolutely no pristine, three-bedroom Tudors selling for six grand here. But there is an Upstairs, Downstairs phenomenon here too. It’s just not as stark.