Wealthy Homeowners Remain Confident in Home Values

An article in the PNC Financial Services Group indicates that most people believe home values should continue to do well, in spite of any expected downturn in the housing market.  Since consumer confidence tends to drive the economy (at least as much as the other way around), Summit County second homes in Breckenridge, Frisco, Dillon and Silverthorne will weather all storms, just as they have in the lean years from 2001 through 2004. 

"Amid signs that the runaway real estate market is slowing down, the majority of wealthy Americans remain optimistic that their homes will continue to appreciate in value, according to survey findings released Tuesday by The PNC Financial Services Group, Inc. Sixty-five percent of those surveyed said they expect to see double-digit increases in the value of their primary homes over the next five years, with nearly one-third (31%) anticipating an increase of 20% or more. "Our findings indicate that many among the wealthy will not believe there is a real estate slowdown until they see it reflected in their property values, especially in regions of the country where prices have skyrocketed during the past five years," said Nicholas Buss, PhD., senior vice president and PNC's real estate economist. (Source: PNC) Full Story . . ."

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