Portland Mortgage Broker

Here’s some interesting news released late last month by the National Association of Realtors, or NAR. According to the study, second home & investment home sales declined with the overall market in 2007, but they still accounted for 33% of all new and existing home sales. For comparison purposes, consider that in 2006 the sale of the combination of the two accounted for 36% of all sales.

In 2007, 21% of all homes purchased were for investment purposes - down from 22% in 2006. Additionally, 12% of home purchases were vacation homes, down from 14%.

This is interesting news indeed, and tends to counter the herd mentality that we’re all going to suffer years of prolonged house price declines.