The general decline in prices as well as greater difficulty in getting large (jumbo) loans have taken a toll on a once hot part of the real estate market. From Florida to the Northeast to California, many a suburban house moved up into the seven-figure category during the boom of the early part of the 21st century.
It wasn't long before some were saying a million dollars didn't buy you much in certain markets. Though that may still be in the case in parts of California, seven-figures certainly buys you more house today than it did a year ago, never mind two years ago when prices had started to decline.
As part of our recurring "Million Dollar Homes" feature, we thought it would be interesting to look at the housing markets in the hometowns of the various presidential candidates, both past and present.
North Little Rock, Arkansas
The only $1 million home in North Little Rock can be found in the gated community of Chimney Rock. It is a 6,500 square-foot home with a five-car garage, game room, master suite, furniture-finish cabinetry and pool all for $1.42 million. But this home has been on the market for three months and is likely to be there for more than a few more.
Chappaqua, New York
The Clintons put Chappaqua on the map when they paid $1.7 million for a five-bedroom, four-bath, Georgian-style colonial nine years ago. Today it's valued at $2.2 million. Home prices have remained stable over the past year. In fact, most homes in this Westchester Co commuter town sell for between $1 and $1.5 million and take just three weeks to sell.