Listen to the mainstream media and you’d think the real estate decline in the U.S. (where it’s expected to see the percentage of drops in value will equal to the 1929 depression) was due to the subprime mortgages being extended to less than qualified buyers.

“Hold on,” says the World Wealth Report, released this past week by Merrill Lynch and Capgemini. According to their study, rich investors were busily taking profits beginning two years ago–reducing the share of their portfolios devoted to real estate from 24% down to 14% in 2006.

The rich investors were bailing on homes, commercial real estate investments, real estate investments trusts and other investment properties. They increased their investment (slightly)
in equities, from 31% to 33%…but cash and fixed income were the big winners, accounting for a combined 44% (up 9%).

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This entry was posted on Sunday, June 29th, 2008 at 11:27 am and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.