The share of homeowners with mortgages in forbearance surged to 7% by May 2020 and slowly declined to 4% this spring, according to a report by the Federal Reserve Bank of New York. The dramatic increase in home sales in some vacation markets is a reminder of the stark inequality that struck the housing market during the pandemic, which left millions of Americans out of work and caused some to fall behind on their housing payments.Ī rush of federal aid - including direct cash payments, eviction moratoriums and a mortgage forbearance program - helped to keep many people in their homes, but some households are still struggling. The increased demand for vacation homes was sparked by the move to work from home and the shift to virtual schooling, which gave families the flexibility to relocate, the researchers said. The county, which is about four hours away from Detroit, includes the Huron-Manistee National Forests and Oscoda Beach Park. In the next hottest market, Oscoda County, Michigan, home sales rose by 54% in 2020 and the median sales price increased by 79%, according to the report. 1 county, based on sales growth, price and days on the market, was Lee County in Florida, which includes cities such as Fort Myers and Cape Coral. The trade group said vacation home sales in those counties jumped 16.4 in 2020, compared with 5.6 for total existing-home sales. The NAR defines vacation home counties as those where vacant seasonal, occasional, or recreational-use housing account for at least 20 of the homes. The hottest vacation markets were concentrated in 16 states, including North Carolina, New York, Vermont and Massachusetts. A vacation home county often means attracting people with means.
As of 2019, about 10% of the 3,143 counties in the United States were vacation-home counties, according to the association. Vacation-home counties were defined as those where at least 20% of the properties are for seasonal or recreational use.
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