WASHINGTON – Prices of beach houses in the country’s popular vacations spots are on a steady decline because of the rising number of foreclosed homes and low prices, reports RealtyTrac, an online marketplace for foreclosed properties.
Prices are down almost 40 percent in Vero Beach, Fla., where every one in five homes has been in foreclosure. Homes are selling at an average $93,000 — half the price before the recession.
Even the most expensive get-a-way places are seeing prices drop for bank-owned vacation homes. Values in Cape Cod, Mass. are down almost one-third with home prices averaging $240,000.
Both coasts and Hawaii are seeing similar trends. Hilton Head and Charleston, S.C., Santa Barbara, Calif., and Honolulu also have reported decreasing prices.
Read the list of the top 10 cities to look for cheap vacation homes at bankrate.com.
WTOP’s Del Walters contributed to this story. Follow WTOP on Twitter.
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