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Market Pulse on Investment and 2nd Homes
If you looking to purchase investment or 2nd home/vacation property here is the latest from the National Association of Realtors:According to the National Association of REALTORS the market share of vacation- and investment-home sales held steady in 2010, although the sales volume declined with the overall market.
NAR's 2011 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2010, shows vacation-home sales accounted for 10% of transactions last year while the portion of investment sales was 17%, both unchanged from 2009.
NAR Chief Economist Lawrence Yun said, "Despite extraordinarily tight credit conditions for purchasing a second home, the market share for vacation and investment homes held steady," he said. "A sizeable number of buyers made deals with all-cash offerings."
All-cash purchases have become prevalent in the second-home market in recent years: 59% of investment buyers paid cash in 2010, as did 36% of vacation-home buyers.
With an overall decline in home sales during 2010, the volume of 543,000 vacation-home sales was down 1.8% from 553,000 in 2009. Investment purchases fell 7.8% to 867,000 in 2010 from 940,000 the previous year. Primary residence sales declined 5.6% to 3.81 million from 4.04 million in 2009.
Foreclosure or trustee sales ... more

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