Who these homebuyers are
The big drop in U.S. home buying last year came because everyone was pulling back -- primary-residence purchasers, vacation-home buyers and real estate investors. That's according to a survey released today by the National Association of Realtors that looks at sales of all homes, new and existing.
The trade group said the biggest decrease came in vacation-home sales, down 31 percent in 2007. Investment-home sales dropped 18 percent, while primary-home sales fell the least -- 10 percent.
Total sales in each category last year: 740,000 vacation homes; 1.35 million investment homes; and about 4.3 million primary-residence homes.
In all, vacation- and investment homes were 33 percent of sales, down from 36 percent in 2006, the NAR said.