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NAR: Second-home market holds steady in 2010

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The share of homebuyers purchasing second homes remained steady in 2010 compared to the year before, though overall sales volume declined somewhat, according to an annual report from the National Association of Realtors. NAR's 2011 Investment and Vacation Home Buyers Survey includes 1,895 responses from households who bought residential real estate in 2010. The association conducted the survey in March 2011 and controlled for age and income. The survey found that second-home purchases declined at the same rate as primary home purchases in 2010, both dropping 5.6 percent. Investment properties saw the bulk of that decline, falling 7.8 percent, compared to a 1.8 percent decline for vacation homes.The percentages of investment purchases and vacation-home purchases to overall purchases remained the same as in 2009, at 17 percent and 10 percent, respectively. "Despite extraordinarily tight credit conditions for purchasing a second home, the market share for vacation and investment ...