Rich people think now is a good time to buy real estate
The Annual Survey of Affluence and Wealth in America, released on Tuesday by the American Express Publishing Corp. and Harrison Group. shows that wealthy Americans are very bullish on real estate. 77% of those who had a discretionary household income of more than $500,000 said that real estate presents a "real opportunity" now.
If you've been waiting on the sidelines and saving responsibly, this may well be a good time to start looking. And try not to let tabloid-worthy headlines scare you off. In 1979, BusinessWeek proclaimed the "death of equities" -- near the bottom of a bear market and right before the beginning of the longest bull run in history.
For a more detailed breakdown of the survey, check out this piece from MarketWatch.