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September 21, 2014

International Buyers Scoop Up U.S. Bargains

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International Buyers Scoop Up U.S. Bargains

According to the National Association of REALTORS®, international ownership in U.S. real estate sits at about 8 percent — a percentage that is worth $82 billion.  With homes in many parts of the country now worth what they were in 2002, foreigners are flocking to buy up seasonal homes at rock-bottom prices. 

Tom Burk, an associate broker with Sotheby's Realty International, notes that in cities where investor interest is high "like Phoenix, Palm Springs or Las Vegas, there is optimism.  But in most cities, it's pretty bleak." 

A recent Credit Sesame study of where foreigners are purchasing, what they are acquiring, and how much they are paying, shows that the largest group comes from Canada, with Asians and Europeans ranking second and third.  Florida is the most popular destination for these buyers, followed by Texas, California, and Arizona.  The largest percentage are purchasing detached single-family homes for use as a primary residence and are paying less than $100,000 each.

Source: "Snowbirds Flock to U.S. Bargains," Montreal Gazette (Canada) (12/29/11)

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