Will Recent Stock Market Gyrations Send More Investors Into Dallas Real Estate? Fancy Cars, Maybe — Dallas Real Estate News

According to this poll from AP-CNBC,  six in 10 U.S. residents (that’s 62 percent) say their confidence in investing has been shaken by recent volatility in the stock market. They’ve become more nervous about investing over the last 12 months. Today, 65 percent of those who own stocks, bonds and mutual funds are less confident about investing, compared with 61 percent last year.

What would people do with an extra million? Real estate purchasing is still down at the bottom of the list. The survey found, on average, that Americans would spend 31 percent on saving or investing; 17 percent on giving to family; 14 percent on spending; 13 percent on paying down debt; 12 percent on buying real estate and 11 percent on charitable donations. 

And do not ever doubt that the rich are getting richer — LUXURY IS NOT DEAD! I am seeing more fancy autos in Dallas by the minute — Maseratis, Porches, Rolls and Bentleys. A May 2011 report from the Deloitte Center for Financial Services projects that the number of millionaire households in the U.S. will more than double to 20.5 million in 2020, with combined wealth of $87 trillion, up from $39 trillion in 2011.

I hope they all buy second homes!