Like almost every other business, the recreational vehicle industry hit the skids when the US plunged into a recession.

Sales of RVs—those big, lumbering van-like homes on the highways—went into a virtual freefall as consumers cut back on spending, especially on discretionary items.

"Right now, it’s brutal—it’s a bloodbath," says Morningstar analyst David Whiston. "In January, sales were down 79 percent, compared to January 2008."

Despite being among the most inexpensive way for Americans to vacation, the typical price tag of $40,000 for an RV prompted many people to steer clear of buying a new one.

"People aren't giving their RVs up right now, but they're not upgrading," says Mark Polk, owner of RV Education 101, an education program that publishes how-to books and videos for newcomers to the RV lifestyle.

"A lot of people lost a substantial part of their funds," Polk adds. "Shipments have dropped significantly, a lot of people are waiting to see what will happen. This is going to continue to influence trends."

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