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Sales Of 2nd Homes Tumble
WASHINGTON (AP) — The National Association of Realtors reports that sales of vacation homes and investment properties slid 30 percent last year as tough economic conditions and tight lending requirements shut out buyers.
The Realtors group also said Monday that median sales prices of vacation and investment homes dropped 23 percent to $150,000 as problems in housing market stretched to the second home segment.
Home sales were down across the board in 2008. The Realtors group said sales of primary homes declined 13 percent to 3.77 million last year.
Conducted in March, the 2008 Investment and Vacation Home Buyers Survey includes 1,924 responses.
Copyright 2009 The Associated Press.
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