New England Vacation Home Sales Slumped in 2011

New England Vacation Rental HomesBucking a national trend, New Englanders bought fewer second homes last year, according to the National Association of Realtors (NAR). Nationwide, vacation home sales rose 7 percent to 502,000 in 2011, up from 469,000 in 2010. But in the Northeast, 75,300 vacation homes were sold last year, compared to 89,100 in 2010, a 15 percent dip.

NAR reported that 42 percent of vacation homes purchased last year were in the South, 30 percent in the West, 15 percent in the Northeast and 12 percent in the Midwest, while 2 percent were located outside of the U.S.

“Some of the best deals on second homes were in the South and the West where the foreclosure rates were among the highest last year,” said Bill Wendel, owner of the Real Estate Cafe, a Cambridge, Mass.-based brokerage that exclusively represents buyers. “The other factor was that many buyers stayed on the sidelines in 2010, playing the waiting game.”

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