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Daily Real Estate News | September 29, 2009 | Timeshare Sales Decline
Vacation timeshares are expected to fall 30 percent this year, according to the American Resort Development Association, a trade group.

“Timeshares are just very, very discretionary items,” says Chris Woronka, an analyst at Deutsche Bank Securities in New York. “It’s the perpetual vacation. I am prepaying for the ability to take a vacation every year. Under the current circumstances, people are more reluctant to pay for that.”

Marriott International Inc., which is cutting prices and stopping development of new units, predicted that sales are unlikely to turn anytime soon

Woronka says one of the major issues facing the industry is tight credit, which is reducing the pool of customers by preventing sales to people with lower credit scores.

Source: Bloomberg, Nadia Brandt (09/29/2009)