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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (169037)	12/4/2008 2:41:26 PM
From: tejek	Respond to of 306849

i don't have the exact percentage but if pressed to make a guess i would say at around 15% at least in my circle of friends i think i only know of one person in my age group that only has one home...many own 3 or 4 You clearly have an affluent circle of friends. Most people in in any age group only have one home if any home at all. i live in an area (currently renting, so i guess you could call that a 'second home' as i maintain my residence in another state) that is a 'second home' haven, and during the bubble expansion inventory grew at unsustainable rates....i think the false assumption was that there would be a continuing onslaught of boomers buying second and first homes here as they reached retirement. of course that has come to a screeching halt....the good news is that despite the heavy retiree population, because it's utah, there are very large families here so it's an interesting mix of both the very young and boomers, (schools are excellent here, the state made good use of the RE boom and sold a bunch of BLM land to build) so the median age is about 31 (u.s. median is around 37 i believe), the median age for utah is 27 I know it sounds suspect given how bad the housing markets are currently but housing will come back.....maybe not as strong nationwide as it did in the last few years but it will come back and there will be cities that become bubblicious once more.