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Lawrence Yun, NAR chief economist said lifestyle factors and strong demographics remain positive for the vacation home market.  “Investment considerations are secondary for vacation-home buyers, so there is some dormant underlying demand,” he said.  “A peak of population is moving through the prime years for buying recreational property.  It is welcoming to see investment sales returning to pre-boom sales activity.”

When you look at the down cycles we've been in, the best time to be a buyer was in the early 1990s, when there was a deep recession plus a lot of oversupply of office buildings and the S&L crisis.

Then again in 1998, when there was a credit crunch – that was another great time for us. And then in 2001, when there was a recession and a terrorist event, (that) froze the capital.
Those were historically the best times to buy.

I think this period – we have a recession, a very significant credit crunch – and like other down cycles, I think there should surface some pretty good buying opportunities, things can only go up in value.