Here is some data that indicates the recession is starting to bite the upper income strata.

Toll Brothers saw their quarterly revenue declined by half as a result of contract cancellations for expensive homes ballooned.

The quarter’s 157 cancellations, which totaled $115 million, hit the company’s higher-end offerings and occurred mainly in New York, Credit Suisse analyst Dan Oppenheim wrote in a client note. The average price on a canceled home was $733,000, compared with the average net order price of $482,000. 

“We think this is particularly worrisome given the bleak outlook for high-end units in the New York area,” Oppenheim said.

Now if Congress would just reconsider those pay caps things might improve.

more: here