Hot topics for both consumers and webmarketers on WebmasterRadio.FM
Every Wednesday, 4PM Eastern.
May 5, 2006, Newsletter Issue #14: Second Home Financing Trends Recently Reported
1
Tip of the Week
Nearly one-half of all U.S. Home Sales in 2005 were second homes. Second home sales captured forty percent of the residential resale market which makes a strong statement about the real estate industry and consumer investment strategies.
Interestingly, the average borrower's income is $60,800 for primary residence buyers with median loans of $136,000. Second home purchasers have a median income of $101,900 and loan medians of $118,000.
Lenders classify second homes as a dwelling that the purchaser will not occupy as a primary residence. Second homes are classified as vacation or investment. During the years 2000-2004, loans for second homes grew from 8.6% to 14.2%. The number of loans for second homes doubled.
States enjoying the largest volume of second home purchases are Hawaii, Florida, Arizona, Nevada and Idaho.
2
About LifeTips
Now one of the top on-line publishers in the world, LifeTips offers
tips to millions of monthly visitors. Our mission mission is to make
your life smarter, better, faster and wiser. Expert writers earn dough
for what they know. And exclusive sponsors in each niche topic help us
make-it-all happen.
