Stock market crash kills luxury home sales

The collapse of the subprime lending market killed the low-priced end of the housing market. Now the ruination on Wall Street threatens to kill the top of the market. Makes sense, right? Stock-market wealth is heavily concentrated in the hands of the richest Americans. When it declines, it hurts their spending power the most. (Poor people are watching Wall Street’s meltdown with semi-detached bemusement.)

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