Real Estate Journal

Sales  in vacation  homes  dropped down by  31 percent last year and real estate bought for speculation dropped 18 percent.   Prospect home buyers are now very keen on studying the purchase proposals because of this.  It was reported that the decrease was caused  by more strict and  tightened standards by mortgage lenders.  The real estate business was so affected as shown by  sales that  dropped to 740,000 from a record 1.07 million in 2006, reported by  Chicago based Realtors. A fell to 1.35 million from 1.65 million a year earlier on the sales of investment properties was also reported. Investment properties are properties acquired by house owners not for personal abode but for investment purposes.  It was noted that recently these properties are sold without having the  owners occupied them  even for once.  Americans  are holding back on purchasing a vacation home as they became apprehensive that such is not a viable investment at this time.