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Retirees Scoop Up Bargains in Housing Slump

Posted Jun 27, 08 2:05 AM CDT in US,  Business,  Arts & Living 

(Newser) – Retired Americans who can afford new bargains are enjoying the drop in housing value in once-exorbitant sun havens where prices have plunged as much as 25%. Miami, Phoenix and Las Vegas—formerly at the forefront of soaring prices—are now leading the decline, the New York Times reports. Homebuyers who waited to purchase took a risk because prices could have surged, but were rewarded with more than $100,000 in savings.

Aside from the normal ebb and flow of the real estate market, demographic changes may also be pushing this latest trend. This generation of retirees is more interested in sticking near families and friends, and less likely to flock to sunny Florida. Some are even opting for urban centers, an indication that Sunbelt savings could be long term.

Source New York Times

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Many retirees in this generation are opting for urban centers instead of the typical sunny destinations.   (Shutter stock)
Houses in Phoenix were once leading the house price surge. Now they can be bought up at $100,000 below the asking price.   (AP Photo)
A charter fishing boat sits in The Florida Keys. The traditional retirement haven has seen fewer people in previous years, as people opt to stay closer to home.   (AP Photo/Wilfredo Lee)
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