According to a recent report from the National Association of Realtors (NAR), international property investors spent $41 billion on buying homes in the U.S. in 2010.
Overseas buyers represented 4% of the $907 billion overall US market says the NAR and if you add in newly-arrived immigrants or temporary visa holders, the total rises to $66 billion, or 7% of the total residential market.
Canada leads the list of inward investors with a 23% share of the activity. Mexico provides the next biggest chunk with 10% of purchasers; the United Kingdom 9%; China (including Hong Kong) 8%; Germany combined with France 7%; and India 5%, according to the NAR survey.
55% of the buyers in the survey paid in cash. This contrasts sharply with the 92% of normal, domestic U.S. house-buyers who financed their home purchase in 2009 via a mortgage.
Just over half of all these purchases were in four U.S. states: Arizona, California, Florida and Texas.
by Michael Gerrity 09/29/10 – reprinted from realestatechannel.com
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- A quarter of foreign buyers in U.S. choose Florida property (seattletimes.nwsource.com)