According to a business report by the Los Angeles Times, people in the U.S. who own timeshare vacation properties are finding it extremely hard to unload the burden off their finances. The report, which cites opinions and statements issued by timeshare officials and consumer advocacy groups, say that the situation has worsened to the point of some properties losing a lot of their value.

The report states that around 8 million people in the U.S. alone, making up almost 7 percent of the entire household population in the country, own at least one timeshare property that provides accommodation at only certain points each year.

It says that timeshare sales dropped by a whopping 35 percent to a value of merely $6.3 billion in 2009, almost 40 percent lower than its highest point in 2007. It goes citing a report by Fitch Ratings which says that the default rate on loans have remained at 8.5 percent as of December of last year, dropping from 10 percent in January of 2010.