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NEW YORK (AP) - For years, the wealthy have bought second homes to use as vacation retreats and benefit from the appreciation of the property. Increasingly, middle class families are looking more seriously at the second home market — especially baby boomers who want to line up a home now for retirement later.
"The demand for second homes is big and growing," said Joseph H. Badal, president and chief executive of Thornburg Mortgage in Santa Fe, N.M. "Baby boomers are feeding the second home buying now, and young families are also in the market."
But buying a second home requires a major financial commitment, so consumers need to think carefully before taking the plunge.
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