The National Association of Realtors recently released an interesting report about the sale of second homes in the United States. While the survey is a little outdated, the data covers sales over five years to the end of 2004, it still provides a perspective as to who, where, and how non-primary residences are being purchased.

For example, during the years from 2001 to 2004, second home sales (which include both recreational/vacation property and investment property) more than doubled

This really isn't surprising, many home owners in the markets experiencing the most growth were taking equity from their rapidly appreciating California home and where investing it other markets. As these other markets cooled, the second home buyers were the first to leave.
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