International Interest in U.S. Homeownership Increases - Reuters

Reuters - US Edition (NY,NY) via World Wide Web 07/07/2010
Source Website: www.reuters.com

International Interest in U.S. Homeownership Increases, Realtors(R) Report

Wed Jul 7, 2010 2:24pm EDT

WASHINGTON, DC, Jul 07 (MARKET WIRE) -- International home buyers are increasingly attracted to property in the U.S., according to the National Association of Realtors(R)' 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country. "While all real estate in the U.S. is local, the same is not true for property owners," said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz. "The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on Realtors(R) to help guide them through the complex process of buying property in the U.S. With expertise, knowledge and experience, Realtors(R) have a global perspective." The survey, released today, covers the period between April 1, 2009, and March 31, 2010. During that time foreign buyers, including those with residency outside the U.S. as well as recent immigrants and temporary visa holders, are estimated to have purchased $66 billion of U.S. residential property, or 7 percent of the residential market. Slightly more than a quarter of Realtors(R), 28 percent, reported working with at least one international client in the past year. This is a significant increase from the 2009 report, when 23 percent of Realtors(R) worked with foreign clients. Eighteen percent of all Realtors(R) were estimated to have completed at least one sale, compared to 12 percent last year. "Several factors have contributed to an increase in international buyer interest in the U.S.," said Golder. "A large majority of Realtors(R) report the changes in value to the U.S. dollar have had a strong impact on the international real estate business. In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value."

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