Slump isn’t slowing vacation home sales
Some "good news" for followers of the real estate market:
Sales of second homes purchased as investment properties plunged in 2006, but demand for vacation homes remained strong, a real estate trade group reported Monday.
The National Association of Realtors said sales of second homes for investment fell by 28.9 percent in 2006 to 1.65 million. That was down from an all-time high of 2.32 million investment homes sold in 2005, at the peak of the five-year housing boom.
The Realtors, however, said vacation homes were not hurt by the general slump in sales last year. Instead, vacation homes rose by 4.7 percent to a record of 1.07 million units, up from 1.02 million sales in 2005.
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