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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (59544)8/9/2006 11:44:19 PM
From: CalculatedRiskRead Replies (2) of 306849
 
Hot Market for Second Homes Hits Slump
nytimes.com

Excerpt:
As the overall housing market weakens, the interest in buying vacation homes, from the most modest condominiums on up, appears to be falling faster. Unlike most metropolitan areas — where underlying demand and the normal turnover in primary homes as a result of job moves, new households and family changes provide a more solid floor under prices — the second-home market relies on a different set of motivations that tends to exaggerate booms and busts.

“Second-home buying is very discretionary,” said Edward Leamer, an economist at the University of California, Los Angeles. “There is no force of demographics that is pushing people into buying homes as there is in primary home markets.”
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