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[Getting Graphic] Wait (On) A Second (Home)

Getting Graphic is a semi-sort-of-irregular collection of our favorite BIG real estate-related chart(s).

“Second-home buying is very discretionary,” said Edward Leamer, an economist at the University of California, Los Angeles. “There is no force of demographics that is pushing people into buying homes as there is in primary home markets.”

In second-home markets around the country, the number of sales are shrinking even as the properties on the market increase. [1] Appreciation at all levels is weakening, and in a few places recently have begun dropping.

Do you remember when there was coverage on people buying third homes a few years ago? What prompted that? Its all about affordability. In other words, a low monthly payment enabled some to buy that third home, let alone a second home. When affordability declines, the secondary markets tend to be most vulnerable.

Source: NYT