More deflationary dead weight ahead: cash-out mortgages on homes valued for collateral purposes at $10 to $20 million or more. Click here for the story. One things is certain: Unless there is HYPER-inflation, these homes are unsalable at anything near the price originally paid for them. In fact, they are probably unsalable at all, and those who list homes for $30 million...$40 million...$50 million (Joe Montana, last week) are delusional if they think there's someone out there on whom they can unload these ridiculous castles.
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