Let G be a real reductive algebraic group with maximal compact subgroup
K, and let Fr be a rank r free group. We show that the space of closed
orbits in Hom(Fr,G)/G admits a strong deformation retraction to the
orbit space Hom(Fr,K)/K. In particular, all such spaces have the
same homotopy type. We compute the Poincar\'e polynomials of these spaces for
some low rank groups G, such as Sp(4,R) and
U(2,2). We also compare these real moduli spaces to the real points
of the corresponding complex moduli spaces, and describe the geometry of many
examples.Comment: v2: exposition improved, typos corrected, and a minor gap in a proof
fixed; 25 pages; accepted at Forum Mathematicu