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Business Briefing / Real Estate

Second-home purchases down

March 31, 2009|Times Wire Reports

Purchases of vacation and investment homes slid 22% last year, a sign that tough economic conditions and tight lending requirements shut out buyers, the National Assn. of Realtors reported.

Second-home purchases constituted 30% of the entire housing market, down from a peak of 40% in 2005, when financing was easier.

Just 9% of sales last year were for vacation homes, down from 12% in 2007. Proportionally, investment properties held steady at 21%.

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