After falling hard in the recession, homes in vacation areas are recovering, but slowly, according to an analysis by Zillow:
“Vacation home markets have lagged the rest of the country during the economic recovery, despite an exaggerated boom and bust a decade ago,” says Aaron Terrazas, senior economist at Zillow. “As the economy improves and more Americans feel secure in their personal finances and primary residences, it is possible that more will look to buy a vacation home.
“The good news is that there are still bargains to be found in many vacation communities, but recent tax changes will eat into the tax benefits of second-homeownership,” Terrazas says. “Beyond financial considerations, Americans are increasingly conscious of the environmental risks common in many vacation communities, including those from rising sea levels and storm surges, hurricanes and wildfires.”
For more information, please visit www.zillow.com.
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