Before You Buy That Vacation Home

With the real estate bubble losing air, is this your big chance -- or the single worst time to buy?

Summer's winding down, and you've still got vacation on the brain: the quiet of the country, the crisp mountain air, the lull of the ocean.

In the hope of holding on to those images a bit longer, you may have begun toying with the idea of a second home.

You're not the only one. "A lot of people go on vacation, look at real estate fliers and suddenly decide they want to buy a house," says David Hehman, CEO of Escapehomes.com.

On the other hand, you know from your primary home's market that real estate is not the no-brainer investment it once was.