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Real Estate


Tom Kelly
Tom Kelly
The Real Estate Adviser
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July 28, 2005

The Real Estate Adviser: VA loan could be used for retirement home

By TOM KELLY
Special to the Journal

The tremendous growth of the housing market is being pushed by the lower-than-expected long-term interest rates and the idea that real estate is a wise investment. In addition, consumers are more reluctant to plow their hard-earned cash into the inconsistent conventional financial markets and now are buying an additional piece of real estate sooner in their lives.

In fact, the second home market is so huge and important to the U.S. economy that the largest survey ever conducted by National Association of Realtors was dedicated to the second-home phenomenon, which grew 40 percent in the number of homes sold from 1995-2000. NAR's definition of "second home" now includes single-family dwellings, including condominiums, other than a primary residence. Last year, the purchase of investment property and vacation homes accounted for more than one-third of residential transactions.


 
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