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SEATTLE, Nov. 19, 2020 /PRNewswire via COMTEX/ —
SEATTLE, Nov. 19, 2020 /PRNewswire/ — (NASDAQ: RDFN) — Sales of vacation homes are soaring, even as millions of Americans grapple with financial devastation triggered by the coronavirus pandemic. In October, demand for second homes skyrocketed 100% from a year earlier—the fourth triple-digit increase in the last five months, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That outpaced the 50% increase in demand for primary homes.
For its report, Redfin analyzed mortgage-rate lock data from real estate analytics firm Optimal Blue. A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the homebuyer to lock in an interest rate on a mortgage for a certain period of time, offering protection against future interest-rate hikes. Homebuyers must