Is The Party Over?
Be worried. Be very, very worried, if you're a second-home seller. It may be time to declare officially that the bubble has burst. A front-page New York Times article today says: "The once-bustling deal making in a wide variety of popular locations for second homes -- areas like Florida, the Jersey Shore and Lake Tahoe, as well as the high-price playground on the East End of Long Island -- has slowed markedly in recent months. As the overall housing market weakens, the interest in buying vacation homes, from the most modest condominiums on up, appears to be falling faster."