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Los Angeles Times: High-end home sales on a roll in state

By Lauren Beale. The number of homes statewide selling at more than $5 million reached an all-time high last year. Domestic and international buyers are looking for places to stash their cash, real estate experts say.

January 30, 2013

Gary Painter, director of research and an economist with the USC Lusk Center for Real Estate, said the high-end niche is more likely to be driven by the international economy rather than what is going on in the U.S. — which suffered an unexpected economic contraction during the last three months of the year, the Commerce Department said Wednesday.

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Link: Los Angeles Times