Real estate recovery slow but baby boomers to buy up second homes

Although  30-year mortgage rates are under 4 percent and home prices have remained low, many people can’t to take advantage of increased housing affordability in the real estate market.

Recovery will be slow according to experts, with many homeowners struggling not to lose their homes. Also, many homeowners are improving their existing residences instead of relocating. According to the National Association of the Remodeling Industry, $113.6 billion is projected to be spent on remodeling through the third quarter of this year (2012).

Some experts predict a growing number of baby boomers will snap up vacation and rental properties in the coming years, with many planning to retire in these homes.