Foreign Buyers See Big Bargains in U.S. Real Estate
Daily Real Estate News | Friday, January 13, 2012
Foreign investors are finding plenty of deals in the U.S. when it comes to real estate, and, as such, more international investors are flocking to key states to buy their piece of the American Dream.
Mexico is the top country of origin for foreign buyers purchasing U.S. homes, according to a recent study by Credit Sesame, which used National Association of REALTORS® data for its findings.
“In this period of tremendous uncertainly globally, real estate here is a safe haven,” Susan Wachter, professor of real estate and finance at University of Pennsylvania, told MSNBC.com.
The top destinations of foreign investors for U.S. real estate purchases are:
1. Florida: Thirty-one percent of all home purchases in that state are made by foreign buyers, with most coming from Cuba, Haiti, and Colombia.
2. California: 12 percent of all home purchases (most coming from Mexico, the Philippines, China, India, and Vietnam)
3. Texas: 9 percent of all home purchases (most coming from Mexico, India, Vietnam, China, and the Philippines)
Source: “Housing More Affordable Than Ever … for Foreign Investors,” MSNBC.com (Jan. 13, 2012)