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House prices in southern England have fallen by 13% in the past 3 years
There were 869 luxury properties available at the end of the first quarter -- almost triple the supply from a year earlier and the most in seven years of data-keeping by appraiser Miller Samuel Inc. and Douglas Elliman Real Estate. While higher-end homes piled up, buyers flocked to deals below $1 million. Those made up 59 percent of Hamptons sales in the quarter, the firms said in a report Thursday.
I bet high priced areas of the US are also falling, and this is being hidden by realtors.