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This has largely been our experience with over 15+ years of condo living. However, we've stuck with the upscale condos with fewer rentals (minimum rental periods), where absentee owners primarily use their condos as vacation or 2nd/3rd homes. These condos are less susceptible to foreclosures and thus, hold their values better than homes in neighborhoods with many properties in foreclosure.
Why are vacation homes less susceptible to foreclosures?
Why are vacation homes less susceptible to foreclosures?
It's about not being over-extended and able to manage/absorb more ...
the people with the wherewithal to even have a vacation home will tend to be such.
Because people who own them as 2nd/3rd homes are generally under less financial pressure to lose them to foreclosure.
I dont think the fact that they got 2nd or 3rd has something to do with likelihood of losing. I would rather measure likelihood of foreclosure based on remaining premium balance.
I would rather measure likelihood of foreclosure based on remaining premium balance.
Then you go right ahead and make your measures based on whatever you like.
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