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The $10 Million Home, Never Hotter
As the U.S. housing market cools from last year’s overheated state, sales of homes at the top haven't been following the same script. Prices and sales at the upper reaches are soaring. Sales of homes in Southern California costing $2 million and more are at record levels. Sales of homes costing more than $10 million in Los Angeles are up almost 400 percent since 2007. In Miami, luxury home sales are roughly double 2007 totals. Buyers of expensive homes, many flush with stock market gains and benefiting from a rebounding economy, have been using cash to sidestep tight mortgage-lending conditions. Foreign buyers have ... (full story)