April 30, 2007
Investment home sales plummet
Second-home buyers seemed more interested in a day off than a good investment last year, as sales of vacation homes hit a record high while sales of investment property plummeted, the National Association of Realtors said. Nationwide, summer home sales grew 4.7 percent last year to 1.07 million. Investment home sales shrunk 28.9 percent to 1.65 million -- down from a record 2.3 million in 2005. In all, the market for second-homes dropped four percentage points to 36 percent of the total residential home market.
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