09.05.2011 - US: Vacation-home market faces long road to recovery
The buyers' market for vacation homes is likely to continue for years, with activity largely limited to buyers with enough cash to circumvent a tighter, post-recession lending environment. Thirty-six percent of all vacation-home buyers in 2010 did not use a mortgage versus 29 percent the year before while more than half of them financed less that 70 percent of the purchase price, according to the National Association of Realtors. Of those who bought a second home as a rental investment, 59 percent paid cash..............................................Full Article: Source
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