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Thursday, March 31, 2011
In case you missed it ..
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2 comments:
Here's an article from cnn/money on the falling prices for vacation homes.
http://money.cnn.com/2011/03/30/real_estate/second_home_sales/
So according to the NAR, prices of vacation homes are falling 2-3 times faster than the prices of primary residences (down 11.2% vs. down 4.5% in 2010). Could it be that in the absence of a financing bubble that drove double digit annual home price gains people are simply fleeing the vacation home market? Less equity to tap from their primary residence to support the purchase, smaller "investment" gains on the property, etc.
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