in second homes, says a new study conducted by an Oregon-based research company. The study, by Ragatz Associates, says a majority of aging baby boomers not only have the assets and the time to enjoy recreational pursuits, but are already looking ahead toward sites for future retirement. Since boomers between the ages of 31 and 49 are now 77 million strong, it is easy to understand the increase in sales of recreational property, the company said in its report. According to Rick Cossano, executive vice president of Countrywide Funding Corp., interest in second homes is being fueled by today's low rates, bottomed-out property prices, and the easing of restrictions surrounding their purchase and financing. Some homeowners, Mr. Cossano said, are refinancing their primary residences at today's low interest rates and are using the equity to purchase a second home.
Save $400 off your subscription. Special offer ends April 30, 2017.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In