Millionaires stay with real estate for investing
You might not have known exactly when the stock market was going to head south but the fact that it would was fully predictable. And the wealthy saw it coming. With fixed income investments (saving accounts, CDs, etc.) continuing at near historic lows and the equities (stocks) sliding downward once again, those with money to invest are again turning to residential and commercial real estate.
A survey released by a NYC investment bank shows that 77% of millionaires already directly own real estate and 33% plan to continue investing in real estate. Another 23% plan to shift out of stocks and into real estate investment trusts. Still others say they are planning to become sources of private equity for loans secured by real estate. The fact that these knowledgeable individuals are moving out of stocks will continue to place downward pressure on the overall stock market.
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