Pandemic-Driven Demand for 2nd Homes Soars

According to new data from Redfin, buyers who locked in mortgage rates for second home purchases shot up by a record 128% year-over-year in March – marking the 10th straight month of 80%-plus annual growth. However, they caution that this year-over-year increase should be taken in the proper context considering demand was relatively weak in March, 2020 at the onset of the Coronavirus pandemic. Redfin says that the intense demand for vacation homes is a symbol of an ongoing uneven economic recovery in the U.S., with some Americans being able to afford second homes and many others unable to afford their first. Continue reading HERE...