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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: CalculatedRisk who wrote (59545)8/10/2006 12:05:54 AM
From: John VosillaRead Replies (1) of 306849
 
<<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.”>>

I don't get it. All the pimps were telling me it was demographic trends that were fueling second home purchases in places like Florida, Arizona and Vegas? What about second home condos along the MD and NJ shore Micawber is involved with? All kidding aside it does seem it is much worse in the most overbuilt, most speculative fast growing markets with no real economy outside of housing and few end users. Is Port St Lucie,FL the poster child of excess and oversupply?
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