U.S. vacation-home sales went up dramatically last year, reports Bloomberg, taking its largest share of the housing market in seven years.
The burgeoning stock market was the confidence-boost wealthy investors needed to buy the homes. Sales of vacation properties made up 13% of all sales, according to the National Association of Realtors. Of those sales, 20% were investment-related purchase. That figure dropped from 24% in 2012, which Bloomberg says is due to a shrinking stock of foreclosed properties to score a bargain on.
The typical recreational buyer is 43 years old and has a household income of US$85,600.
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