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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: bozwood who wrote (27987)3/10/2005 1:46:39 PM
From: piggingtonRead Replies (2) of 306849
 
The money quote from the NAR press release (link below): "23 percent of all homes purchased in 2004 were for investment, while another 13 percent were vacation homes"

Of course, this is a nationwide aggregate; that investing activity may be very well concentrated to bubbly localities.

I would note that this statistic doesn't capture the type of de facto speculation that is rampant in my own hometown (San Diego): people buying with 0 down/negam/adjustable/teaser rate/interest only mortgages who intend to refi or sell before the mortgage adjustment occurs. The majority of these people are banking on having earned sizable equity appreciation before the adjustment date arrives.

NAR release here: realtor.org

rich
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