Vacation-Home Buyers - and sellers ?- Face Tougher Road

[mEDITate-OR:

remember that all Shiites run down hill...

What a difference a year, or two, makes.

From running with the wind...

down deep into the trough...

to back barely above water.

True, vacation home sales increase by 8% last year...

after dropping by over 30% the prior year.

However, when we look at the total market, based upon age...

this segment of the RE market should expand dramatically.

It has not, now...; but might in the not too distant future.

However, with lost primary home equity in the Trillions...

lost financing for condos and any second homes...

and lost home equity loan based on income...

that turn around may not ever occur.

-------

Currently, 40.1 million people in the U.S. are ages 50-59 –

a group that dominated sales in the first part of the past decade and established records for second-home sales.

An additional 44.4 million people are now in the primary buying demographic of 40-49 years old

and another 40.6 million are 30-39.

----------

Vacation-Home Buyers Face Tougher Road

http://news.yahoo.com/s/ibd/20100513/bs_ibd_ibd/533956

---------

Vacation-Home Sales Up in 2009 but Investment Sales Down

NAR’s 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows

vacation-home sales rose 7.9 percent to 553,000 last year from 513,000 in 2008, while 

investment-home sales fell 15.9 percent to 940,000 in 2009 from 1.12 million in 2008.

Primary residence sales rose 7.1 percent to 4.04 million in 2009 from 3.77 million in 2008.

9 percent were vacation homes, compared with a 12 percent market share in 2007.

The total share of second homes declined from 33 percent of all transactions in 2007.

In 2005, the peak year for home speculation, 40 percent of sales were second homes.

http://www.realtor.org/press_room/news_releases/2010/03/invest_vac_2009

-----------

2008 Second-Home Sales Decline; More Buyers Pay Cash

NAR’s 2008 Investment and Vacation Home Buyers Survey shows

vacation-home sales dropped 30.8 percent to 512,000 last year from 740,000 in 2007, while 

investment-home sales fell 17.2 percent to 1.12 million in 2008 from 1.35 million in 2007. 

Primary residence sales declined 13.2 percent to 3.77 million in 2008 from 4.34 million in 2007.

http://www.realtor.org/press_room/news_releases/2009/03/buyers_pay_cash

===========