Nationally, homes over $1M may take longer to bottom

The market for the country’s most expensive homes may not hit bottom for another several years, according to a report by JPMorgan Chase & Co. The inventory of homes priced above $1 million has increased, according to the report, and the limited availability of jumbo mortgages makes purchases difficult. Prices for the most expensive homes might not bottom out until 2012, and the declines will probably be 60 percent from the homes’ peak prices.