High-end housing starting to fall

Foreclosure: It’s not just for subprime low and middle income folks anymore. High end prices are falling in Manhattan, the SF Bay area, and many other places as well.

Two weeks ago Barron’s had a full page ad for a Greenwich estate. It was a sealed bid auction, going to the highest bid over $19 million. But the ad implied it had sold for $31 million. So why the big write-down?