Hundreds of thousands of American homeowners may be in desperate straits, but others continue to purchase vacation homes and investment properties at a healthy rate.
According to a study released late last month by the National Association of Realtors® (NAR) such second-home sales declined with the overall market in 2007, but second home sales still accounted for 33% of all new and existing home
sales. The combination of these two sales accounted for 36%of the total in 2006.
Twenty-one percent of all homes purchased in 2007 were for investment purposes compared to 22% the year before. An additional 12% of the home purchases were vacation homes, down from 14% in 2006. The typical vacation-home buyer in 2007 was 46 years old, had a median household income of $99,100, and purchased a
property that was a median of 287 miles from his or her primary residence; while the typical investor was 42, earned an income of $92,900, and bought a home that was relatively close to his or her primary residence - a median distance of 27 miles. Sixty-five percent of vacation home buyers and 71% of investment home buyers purchased existing homes, while the remainder purchased new homes.
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