Did You Know: Loans to Purchase Vacation and Investment Homes
November 19, 2009
By Keunwon Chung, Statistical Economist 
- According to the Home Mortgage Disclosure Act data (HMDA), loans to purchase vacation and investment homes declined 30% in 2008.
- The number of loans for non-primary home purchase was 364,454, down from 523,753 in 2007 - a 30% decline. Utah had the largest decline - close to 60%.
- Idaho, New Mexico, Washington, and Oregon also experienced large drops of over 48%.
- In contrast, California was the only state showing an increase in purchase loans for non-primary residences:
- Note: The data for 2009 will not be available until October 2010. The 2008 data does not reflect all-cash purchases. Also, some loans made by small financial institutions may not be included, either.
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