Over the period of the last recession there has been not only an increase in the fixed interest rates for home loans but there have also been a lot of increases in the prices of the average home. For a luxury mansion the price has increased by significantly more in comparison which might mean that instead of paying over one million dollars for a mansion you might be paying just under two million dollars for one while you are now paying close to one million dollars for the average size house. Ten years ago the average three bedroom house would sell for between $180,000 and $250,000 depending on location and a few other geographical determining factors. Now you will pay more than $350,000 for an average 3 bedroom homes which is the cheaper of most of the houses you will find without having to skimp on size.
A luxury mansion is taking longer to build these days because of the recession, lack of alternative building products and the fact that many businesses have been lost during this recession. Once a company is involved with another company that has gone under and into receivership they will often be greatly affected by the loss of one of their suppliers or contractors especially if the supplier is one that supplies them with a large proportion of the building like the building frames or the builders themselves. For those people that were not able to pay off their mortgage you will find that the banks are only asking for the money owning on the property rather than trying to get a profit out of the sale. For the little guys who are buying the home this means that the potential for great savings in home buying are there and ready to be snapped up quickly.