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NAR: Vacation-home sales rise

All-cash buyers play bigger role in investment-home market

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Sales of new and previously owned vacation homes rose last year, while investment-home sales dropped, according to a survey report by the National Association of Realtors. NAR's 2010 Investment and Vacation Home Buyers Survey includes responses from residents in 1,930 randomly selected households who bought residential real estate in 2009. The association conducted the survey in March 2010 and controlled for age and income. Vacation-home sales increased 7.9 percent to 553,000 in 2009 from 513,000 in 2008, the report said. The market share for vacation homes rose to 10 percent, from 9 percent in 2008. At the same time, investment-home sales declined 15.9 percent, to 940,000 last year from 1.12 million in 2008, the report said. The market share for such homes fell to 17 percent, from 21 percent in 2008. "The typical vacation-home buyer is making a lifestyle choice, with nine out of 10 saying they intend to use the property for vacations or as a family retr...