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Sunday, May 28, 2006

Boomers buying second homes while many Americans can't afford their first

"If you’re thinking about buying a second home, you’re part of a major transformation under way in the real estate market.

New research by economist Keunwon Chung of the National Association of Realtors shows the number of second homes Americans buy each year doubled between 2000 and 2004 [...]

He believes baby boomers cashing out equity from primary homes are buying second places as vacation, retirement or investment properties."

"Research: Boomers feed second-home boom"
Boston Herald

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