Vacation and second homes now total 40% of residential sales

Sales of second and [tag]vacation home[/tag]s increased substantially in 2005 to a record nearly 40% of all U.S. housing sales. The [tag]National Association of Realtors[/tag] recently said that sales of vacation homes rose 16.9% to a record 1.02 million, while sales of homes owned for investment purposes increased by 15.7% to a record 2.32 million.

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Sales of vacation homes are likely to remain healthy in 2006, said David Lereah, chief economist for the Realtors. “[tag]Baby boomers[/tag] are favorably positioned in terms of affordability, as well as being at the stage in life when people are most interested in making that kind of a lifestyle purchase.”

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