PHOENIX -- With home prices so low, many Valley people are buying second homes this summer.

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Valley mortgage broker Dean Wegner said the most popular places to buy are vacation spots.

"You're going to see anywhere from 30 to 50 percent off the prices from, say, the highs of 2005," Wegner said.

The most popular places to buy are vacation spots.

"The best deals you can buy right now are San Diego, Calif.; Miami, Fla.; Rio Rico, Ariz.; and Big Bear, Calif. Those are probably the best four, I would say."

Prices are down as much as 50 percent in some areas, Wegner said, "And when it's 50 percent off, that's 50 percent off your monthly payment."

There are pros and cons to buying a second home.

Among the "pros": "The interest rates are identical to primary residences," he said. "There are tax deductions associated with second-home purchases. It's everybody's dream come true."

The "cons," Wegner said, include keeping up with utility payments and maintenance costs. "You're going to be farther away, so if there's something that needs to be done, you're going to have to get to that house right away."

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It's getting harder to qualify for a second home loan.

Wegner said you now have to have six months of payments for both your primary residence and your second home to qualify.

Banks are making the changes because recent studies show people are more willing to give up their second homes than the homes they live in, Wegner said.