Not long ago, Joe Shmoe could essentially bundle together a bunch of garbage mortgages, sell them for way more than they were worth, then take the proceeds and move into an “entry level” mansion out in the suburbs. Not anymore! Home sales in the range of $2 to $2.99 million in the financial-services haven of Greenwich, Connecticut, have fallen by 45 percent. Ironically, since: “Buyers who can afford to pay $2 million to $3 million still rely on mortgage financing, said Alan Rosenbaum, principal of GuardHill Financial Corp., a New York–based mortgage brokerage with Greenwich clients. Lenders have curbed financing at that level.” [Bloomberg]
