Thursday, September 29, 2005

No Bubble in Northern Michigan

Housing bubble? Skyrocketing vacation home sales? Not in northern Michigan. The state's struggling economy "is taking a toll on the once-thriving vacation home market in the rural north and Thumb regions," according to AP, which quotes agents interviewed by Detroit News. Some families are canceling vacations, while others are looking to sell their second homes. Sales still good in destinations near beaches and ski resorts (Traverse City and Boyne City,) but elsewhere, second homes "often remain unsold for months and even years."

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