It's not just institutional investors that have been propping up the U.S. housing market. Foreign buyers are also buying in. The National Association of Realtors is
reporting that international buyers accounted for $92.2 billion of U.S.
home sales during the 12 months ending in March 2014-- 35% higher than
the same period a year earlier.
"This is actually good news ...
and is helping the U.S. housing market recover although it's not helping
it recover nationwide," says Rick Newman, senior columnist at Yahoo
Finance. "This tends to be in coastal markets: Los Angeles, San
Francisco, New York, to some extent Florida."
The NAR reports that four states
-- Florida, California, Texas and Arizona -- accounted for 55% of
foreign purchases of U.S. homes, with Florida alone grabbing a 23%
share. Europeans are generally attracted to states with warmer climates
such as Florida and Arizona while Asian buyers tend to favor the West
Coast in part because they're attracted to states like California with
large IT companies, the NAR reports.
1 comment:
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