Luxury yachting business in stormy water

CNBC's Robert Frank reports the multi-billion dollar yacht economy is struggling.

By NBC News staff

The $85 billion a year yachting business may be sailing into rough seas, according CNBC?s wealth reporter Robert Frank.

Following the financial crisis, new orders for yachts over 100 feet -- mega yachts -- fell from 100 in 2008 to just 10 one year later, Frank reports.

The market has come back a little since then, prices for used boats are down 10 to 20 percent, and sales are off by more than half what they used to be, he said.

Source: http://bottomline.nbcnews.com/_news/2012/10/26/14724973-luxury-yachting-business-in-stormy-water?lite

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