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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Wed, 02 Mar 2005 20:35:18 +0000 /

Author of the message: Stormlx

Title of the message:
WP: Middle Class Drives Soaring Purchases of Second Homes

Text of the message:
Middle Class Drives Soaring Purchases of Second Homes
By Daniela Deane
Washington Post Staff Writer
Wednesday, March 2, 2005; Page E01
Sales of second homes soared last year and accounted for more than a third
of all residential sales transactions, according to a study released
yesterday.
The study, conducted by the Washington-based National Association of
Realtors, showed that nearly one in four U.S. homes bought in 2004 was
purchased for investment purposes; 13 percent were bought as vacation homes.
Together, that constituted the surging second-home market, which accounted
for 36 percent of the 7.7 million homes sold in the country last year.
Second-home sales were up 16.3 percent over 2003.
Kelly Robinson and Debra Thomas, two office colleagues in Bethesda, were
just two of last year's buyers. The women decided recently to team up to
invest in real estate together.



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