International Buyers Pass on Buying United States Real Estate
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Remember how the rallying cry was that while the US home buyers were not stepping up to the plate, international buyers were flocking to buy our homes? Well for the past year, that has not been the case in most of the country. Sales were down approximately 10 percent overall by international buyers.
From May 2008 to May 2009 foreign nationals purchased an estimated 154,000 homes in the United States, down from 170,000 in the previous 12 months, the survey found. Twenty-three percent of the agents questioned reported at least one contact with an international client, down from 26 percent in 2008 and 32 percent in 2007.
But the study also reflected the continued importance of overseas buyers to the U.S. market. International transactions accounted for 9 percent of total business, unchanged from the previous year.
The bright spot for international real estate agents is in the 4 largest states for overseas sales.
And agents in the top four states for international sales — Florida, California, Texas and Arizona — reported their international business actually increased 35 to 45 percent in the period. via NYTimes.com.
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Comment by Portland Real Estate on 12 October 2009:
Thats probably good. I dont mind money from other countries flowing into the US, but as investments go, that just means that the money will flow back away from us at one point or another.
-Tyler