Buyers want vacation homes even if they have to pay cash

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Underwriting and down payment requirements for second homes are still tight, but the improving economy has fueled demand for vacation homes even if buyers have to pay cash, Investor’s Business Daily reports.

Brokers in vacation destinations from the mid-Atlantic to Lake Tahoe tell Investors.com that second-home sales have picked up in the last year. The National Association of Realtors reports that sales of vacation homes were up 10.1 percent in 2012, to 553,000 homes. Source: investors.com.