Domino-crash and the Worlds Second Homes - Domino-crash in Dominos

I agree that there is now a global connection and consequently an effect among home sales and in defaults.  However, I disagree that second homes are the first to falter in a down market. On the contrary, I have been seeing a trend particularly among US baby boomers, in which second or vacation homes take priority over primary or first homes. 

If national markets for second homes are really interlinked, then each market must be driven by common factors. Is this actually true?

On the Global market for second-homes, we have for a number of years now only seen ‘risk-loving' echoes of upturns in many individual national markets for first homes. We are awaiting the echoes of the negative developments in a number of national housing markets on markets for second homes. We will probably see that soon in a number of places, but effects will not confined to each national market...