NAR: 2008 Second-Home Sales Decline 30%

The combination of vacation- and investment-home sales slipped to 30 percent of all existing- and new-home transactions in 2008, the National Association of Realtors [NAR] said on Monday.

However, more than four out of 10 investment buyers and more than three in 10 vacation-home buyers paid cash for their properties, with large percentages indicating that portfolio diversification was a factor in their purchase decision, the NAR said in a report.

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