US luxury homeowners still add property - Coldwell

See, those Bush taxcuts have done the greatest of good to our econonmy. (OK, certain income groups)

By Lynn Adler

NEW YORK (Reuters) - U.S. mortgage rates are at four-year peaks and climbing, cooling a torrid housing market from five years of record sales, but high-end households are still pumping money into second homes with cash to spare for amenities and travel, according to Coldwell Banker.
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More than a third of owners of houses valued over $1 million in states other than California -- where the cutoff is $2 million -- own second homes, according to the 2006 Coldwell Banker Previews International Luxury Survey. Another 35 percent are considering buying one.

"This market is hot because 43 percent of these people make over $500,000, and 70 percent of these people said that interest rates had no bearing on their purchases and no bearing on some of the leisure things they do," said Jim Gillespie, chief executive of Coldwell Banker Real Estate Corp.

http://news.yahoo.com/s/nm/20060605/bs_nm/economy_housing_luxury_dc;_ylt=Ai0YRXiyLT7uL.X45lHli8SyBhIF;_ylu=X3oDMTA0cDJlYmhvBHNlYwM-

Feels a lot like someone pissing on my hat, to be honest.

sorry for the graphic post.