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Owners of second homes a bigger, younger group than believed.
Byline: Alan J. Heavens
Thinking about a second home?
Apparently, a lot more people are than anyone had imagined.
That is one of the findings of a survey of second-home owners by the National Association of Realtors, the first ever conducted specifically targeting that housing segment.
In 2001, nearly 6 percent of the record 6.2 million sales of single-family homes were of second homes. According to the most recent data, there were 3.6 million vacant seasonal homes in the third quarter of 2002, up from 3.1 million in 1990 and only 1.7 million in 1980, the U.S. Census Bureau said.
"That category often is cited as the total number of vacation homes," said David Lereah, the Realtor group's chief economist. "However, we believe that assumption misses many recreational properties that are not vacant."
Other census data show there are 9.2 million homes held by owners in addition to their primary residences.
"We can't say with certainty what portion of that number may be for vacation or recreational use, but it appears the size of this market is much…
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Source: HighBeam Research, Owners of second homes a bigger, younger group than believed.
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