By Brandon ZimermanThe share of homes purchased as vacation residences or investment properties dropped to 30% of all sales in 2008 from 33% in 2007, according to the National Association of Realtors. However, amid continued gloom in the housing market, it raises the question of who still is investing in real estate.
Vacation-home buyers appear to be taking advantage of reduced prices, and are more interested in long-term value than investment. According the NAR, vacation-home buyers plan to keep their property for a median of 12 years, with 58% planning not to sell for 11 years or more.Click here to read more
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