The Smart Team of NOVA® Home Loans

Vacation Home Sales Plunged in 2016, Mortgage Use Up

Posted To: MND NewsWire

While home sales in 2016 were the strongest in years, the National Association of Realtors® (NAR) said on Tuesday there was a shift in their composition. Sales of vacation homes fell significantly while owner-occupant and individual investor activity picked up. NAR’s Investment and Vacation Home Buyers Survey, which covers sales of both new and existing homes, found that vacation home purchases fell by 21.6 percent in 2016 , to 721,000 from 920,000 in 2015. It was the lowest level of sales since 2013’s 717,000 transactions. Sales of homes to individual investors rose 4.5 percent to 1.14 million from 1.09 million while owner-occupied purchases jumped 12.5 percent to 4.21 million, the highest level since 2006, from 3.74 million the year before. Vacation sales accounted for 12 percent of all…(read more)

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Source: Mortgage News Daily

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