Home construction and property sales have led the U.S. out of seven recessions since 1960.

Don’t plan on that happening this time. In fact, the recent home sale figures have many economists wondering if a double dip in housing may trigger a double dip recession.

So even though it is different this time, the answer is real simple.

Consumers and businesses are sitting on their hands.

We need to create jobs. That will increase consumer confidence. That will get people to unclench their wallets and buy cars and houses. That will create a ripple effect for more goods and services. That will rebuild the economy.

So simple a child can figure it out.

Choose wisely in November. Your country depends on it.

Some think second homes are essentially becoming an extravagance and that as investment vehicles, they may not be attractive. There are two reasons for this;

1. The effect tough times have on second homes

There is some difference of opinion surrounding what effect a downward trend in the housing market might have on second homes. Some experts feel that more and more people, if faced with the choice of being able to keep only one of their homes during financial difficulties, will actually choose to keep the second home. Why? Because second homes are where the “heart is.” In other words, the second home is becoming the favorite.

Historically, the exact opposite has happened and people have let go of their second home as though it was a disposable and unaffordable asset that needed to be sold off. If the market gets much worse, many believe these second homes will be sold.

Some analysts subscribe to the traditional definition of a second home - a place where relatively affluent people stay in order to enjoy well liked locations for some period of the year. However, second homes may not fit as easily into these traditional categories as they once did. People live in second homes because they like variety, freedom, or convenience. This might be why they would hang on to them if given the choice.

2. The real costs of owning a second home

If you add up all the costs associated with second home ownership, you could easily come to the conclusion that you can actually end up losing some money. This is why many believe that second homes need to be viewed more as luxury items than anything else.

However, this argument does not take into consideration all the reasons that a second home was purchased in the first place. Most people buy vacation homes because they take regular vacations. The costs of housing a family in a comparable hotel can be exorbitant.

In addition, many second home owners rent out their homes when they are not using them, bringing in income that can support the mortgage payments. Finally, second homes are an investment for the future, a way of passing on assets to the children. The idea of loss or gain on a second home becomes relevant only when you are in it for the short term. To most owners, long term second home ownership is not as much a luxury as it is a lifestyle.

There was some interesting (and predictable) data in the 2009 Membership Profile of the National Association of Realtors® (NAR).

Here is the profile of your “average Realtor.” 54 years old, female, went to college, has ten years experience, works forty hours a week, and made $38,000 last year (2008).

Not surprisingly, income and the number of transactions both dropped about 14% from the previous year.

This got me thinking about the averages for our affiliates – the Realtors we have chosen to help people with their real estate needs in Colorado.

Our “average Realtor” profile is: 52 years old, split evenly between males and females, went to college, has 21 years of experience, works 50 hours a week and made over $180,000 last year (2008).

All Realtors are not the same. There is something to be said for knowledge, experience and professionalism.

As noted in several articles I wrote earlier this year, now may not be the best time to sell your second home – in Colorado or in most second home markets. So, what do you do with your second home while many people are wondering how to hang on to their first? Put it to work!

You want to do everything possible not to sell it at a loss - the median price of a vacation homes nationwide fell 23% in 2008 from 2007. The figures for the first half of 2009 are not much better.

Use your second home to produce extra income and minimize taxes. Refinance to a more favorable loan. Delay any improvements.

People who once used their vacation homes solely for their own enjoyment are now renting them out. A do-it-yourself Internet campaign can cost less than $1000. Check out VRBO.com.

Reduce your property taxes; tax appeals are now more common. Many homeowners whose properties were reassessed when the real-estate market peaked are stuck with high values for tax purposes, even though prices have since declined.

Sell a partial interest in your second home to a partner or friend. Do it as an LLC. Or do a family limited partnership and let your adult children or brother help with the costs. Tell them you are doing them a favor by giving them ownership now and not having to wait until you die!