Considering buying a 2nd Vacation Home Eh!!
That would be a very good idea considering the amount of profit you can get on rentals but even with rock bottom prices, the industry is still a bit unstable with no end to the recession in sight. If you happen to have a lot of cash that has escaped the many bank, credit and economic problems why not. The truth goes something like this, the prices are at their lowest but nobody is buying. Why, you may have finished paying off your home mortgage but taking on a new one might not go down good for the economy is still on the rocks.
Everything has to do with the economy and for the industry to recover, Wall Street has to recover, banks must bounce back and get over the credit crisis, people have to get back their jobs so they start spending and saving again. The money they save will suffice for their needs and surplus amounts can be used to buy a new home. All that has to happen for the real estate business to recover and that’s a lot of stuff to wait for that are quite inter-twined so one drags down the other and so on and so forth.