Even though the bottom of the housing market is heating up, the luxury end of the market continues to be a problem. Indeed, many wealthy homeowners are concerned that they will have a hard time unloading homes that have become too expensive for them, thanks to changes in financial situation. Reuters reports on the difficulties of being a wealthy homeowner in this economy:

“I think for wealthy homeowners it will get worse before it gets better,” said Dennis Hedlund, founder of iEmergent, a forecaster for mortgage and real estate companies.

“I don’t think home prices have bottomed yet. Many people are stuck at the high end, as there aren’t many buyers out there,” Hedlund said of owners of luxury properties.

The problem for wealthy homeowners is that the best deals are found right now on homes in the lower price to mid price range. The deals aren’t as good on the high end homes, since many homeowners are unwilling to sell for what might be necessary in order to unload a home. However, as the economic situation continues to cause problems, it is likely that luxury home prices will begin to inch down, and there will be some buyers who come looking as foreclosures move into the upper end of the housing market.