Second Home Financing Trends Recently Reported

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Refinance Tips and other Mortgages topics.

Second Home Financing Trends Recently Reported

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.

   

Comments

Nobody has commented on this tip yet. Be the first.



Name:


URL: (optional)


Comment:


Not finding the advice and tips you need on this Mortgages Tip Site? Request a Tip Now!


Guru Spotlight
Mary White