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Investor home-buying heavier than thought, report says.
Byline: Mary Umberger
Mar. 2--Real estate speculators are buying at a pace that far exceeds previous estimates of their influence on the housing market, according to a first-of-its kind report released Tuesday by the National Association of Realtors.
Collectively, investors and second-home buyers bought more than one of every three homes sold in last year's record market, according to the NAR report.
"I am astonished," said David Lereah, the NAR's chief economist, who said that the data suggest a sea change in the role of real estate in the nation's economy.
"What we're seeing is that real estate is no longer just a place to live. It's a viable alternative to stocks and bonds," Lereah said. "Sept. 11 changed real estate forever, the way people look at it. They're nervous about stocks and bonds and they're placing money in real estate, which has proven to be a stable and wealth-building asset."…
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Source: HighBeam Research, Investor home-buying heavier than thought, report says.
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