Now's a good time to buy a vacation home, but it’s no longer possible to buy and flip a house in order to pocket a quick profit, CNBC’s Diana Olick reports.
The National Association of Realtors reported Monday that sales of U.S. vacation homes rose to a record high in 2006, but sales of investment properties plunged.
Vacation home sales rose 4.7% to 1.07 million in 2006 from 1.02 million in 2005. But sales of investment houses fell 28.9% to 1.65 million in 2006 from a record 2.32 million in 2005. Sales of primary residences fell 4.1% to 4.82 million in 2006 from 5.02 million in 2005.