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Hot New Thing

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Bay Area buyers are over vacation homes, and are instead opting for second homes in areas ravaged by the housing crisis: starting with Sacramento, then Vegas, followed by Stockton and Tracy. According to a Sacramento broker, most buyers are doing it in cash, rather than financing with mortgages. At prices like $80k to $110k, compared to about double that a year ago? Yeah, why not. [SJ Merc]