Despite Housing Stabilization, Most Won’t Buy Vacation Homes
Despite housing stabilization developing in many areas of the U.S., a new survey shows a large majority won’t buy vacation homes.
Despite housing stabilization developing in many U.S. cities, a large majority of respondents to a new survey say they would not consider buying a vacation property.
Some 60% of respondents to the new Housing Predictor survey said they would not buy a second home or vacation property even though home values have come down substantially. The balance or 40% said they would consider making a second home purchase if given the opportunity.
The housing survey demonstrates that despite stabilization developing in many regions of the U.S., many consumers are still uncertain about the economy and have lingering doubts about when or if home prices will appreciate again. Lingering problems with job stability and high levels of unemployment trouble the nation’s economy with global economic issues, including problems in the Eurozone.
Home prices, however, in some of the hardest hit and most picturesque cities, including coastal vacation destinations and mountain high resorts where second home buyers most often make purchases are at decade lows and showing stabilization in many regions.
Housing Predictor regularly surveys consumers on issues closely related to the real estate industry, monitors and issues forecasts on more than 230 U.S. cities housing markets and offers the latest mortgage rates and real estate news.
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