What Is The Millionaire Index Trying To Tell Us?
For the optimists out there…this graph of the sentiment index of households with more than $1 million in assets looks suspiciously correlated to the psychology of the New York City real estate market. If that’s true, perhaps there’s a case to be made that we’ve already hit the bottom. Discuss. Spectrum Group Millionaire Index [Worth.com]
For the optimists out there…this graph of the sentiment index of households with more than $1 million in assets looks suspiciously correlated to the psychology of the New York City real estate market. If that’s true, perhaps there’s a case to be made that we’ve already hit the bottom. Discuss.
Spectrum Group Millionaire Index [Worth.com]
historically we’re 3 years from bottom?
other than late 80’s to early 90’s era of soft prices….what other history are you referring to? Or is your historical perspective that limited?
Big mistake to refer to residential housing market and stock market with same terminology IMO.
yada, yada, yada. Blah, blah, blah
good question. where do you thik they’re gonna spend it? vacations, real estate, stocks, none or all of the above, other?
If I were a millionaire and worked on wall street, I would be getting more optimistic too. In 2 or 3 months I’m going to get a pile of cash. My biggest worry is where am I going to spend it!
Historically we’re probably at least three years from a bottom. This chart has no scientific or even speculative correlation to that.
and, mr b, i love a good housing-bubble debate as much as the next gal (heck, that’s half the reason i visit this site), but some things are actually not related exclusively to real estate. yes, the real estate bubble accounted for the lion’s share of economic activity (at least psychologically) in the last few years, but can you prove to me that this graph has more to do with real estate and less with, say, gas prices? it seems to me that the recent drop in gas prices is what’s reflected in this graph, and not some sort of real estate “bottom”…
wait, i’m sorry, do i understand this right? this graph measures the optimism of rich people? what a load.
the only way that this graph would be meaningful is if we somehow believed that the affluent have gotten to be affluent by correctly predicting the short-term economic future. which, sorry, i just don’t buy. sure, there are the occasional savvy investor types in the upper crust, but most of the people measured by the graph are just people who came from money to start with and have managed not to lose too much of it (or movie stars, and nobody’s arguing that they somehow have their finegrs on the economic pulse of america).
so they felt icky about rising gas prices this summer? big whoop, so did the rest of us. all this graph shows is that the Rich are more susceptible to pre-election gas-price-manipulation euphoria. seen that way, the graph proves that the Rich and the politicians must run in the same circles. shocker.
looks like the prices are going up.
Graphs like this make me hate this city and its ridiculous materialism. Who cares?