US vacation rental owners sell fast, slash prices

The US vacation rental market is collapsing, prompting a surge of owners to sell their properties at significantly reduced prices due to market fears and dwindling renters. Second home purchases have plummeted to their lowest level since records began, driven by high mortgage rates, rising maintenance costs, and the return to office work. Florida and Maine are particularly affected, with mortgage rates for second homes dropping dramatically in several cities. This downturn follows a pandemic-era boom in vacation home buying, with many owners now struggling with high expenses and decreased rental income, even the wealthy are selling.