Vacation Home Buying Fizzling. RV's too?

bgum wrote:
At some point in the not too distant future I see a rash of short sales. A half point raise in interest will grow to a 3% raise as the economy cools. But I feel there won't be as many bargains as in the past.

I live in an area with a huge population of luxury second (and third, forth, fifth etc.) homes. The vast majority are cash sales. The number of people who don’t bat an eye over a multi million dollar purchase are staggering. Plus, anyone who has financed a home in the past decade.or so has a great fixed rate mortgage. They have locked in the payment and an increase in current mortgage rates won’t effect them at all. Finally there is a severe shortage of single family homes. Days on the market for listed homes are still at near record lows. I doubt there will be lines of sales on the courthouse steps any time soon.