Foreign Investment in US Home Market
Helped by a weak dollar, more realtors sold U.S. homes to international clients in 2006 than in past years.
The National Association of Realtors has just published its first ever NAR Profile of International Home Buying Activity.
The study shows that international home buyers tend to spend more than their domestic counterparts, with a median purchase price of $299,500 vs. $221,500. And while only 8% of domestic buyers paid cash for their homes, international buyers did so 28% of the time.
Nearly half the international buyers indicated that their purchase was primarily for vacation purposes, while 22% acquired the home largely as an investment.
While international home purchases were made on a national level, more than half were centered in just three states - Texas, California and Florida.
The full study is available at the National Association of Realtors site.
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