-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Spring has arrived, but the sale of vacation properties is stuck in hibernation as the recession takes a toll on demand for second homes. That's leaving vacation home sellers with properties that won't sell, forcing some to rent out the homes and others to lose them to foreclosure.
Vacation home sales dropped 30.8% to 512,000 last year from 740,000 in 2007. Prices have also tumbled. The median price of a vacation home was $150,000 in 2008, down 23.1% from 2007.
WHO BUYS VACATION HOMES?
Demographic characteristics of vacation home buyers:
Median age: 46
Median household income: $97,२००
Married couples: 74%
No children under 18: 54%
Where they buy
resort area: 23%
Rural area: 23%
Suburban subdivision: 20%
Urban area/central city: 8%
Homes by region South: 45%
Northeast: 22%
West: 18%
Midwest: 15%
Median distance from primary residence 316 miles
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