Us property sees $41 billion from overseas buyers

A recent report from the National Association of Realtors has revealed that international property investors spent $41 billion on buying homes in the USA in the year to March 2010...

Overseas buyers represented 4% of the $907 billion overall US market says the NAR and if you add in newly-arrived immigrants or temporary visa holders, the total rises to $66 billion, or 7% of the total residential market.

Just over half of all these purchases were in four states: Arizona, California, Florida and Texas.

Canada leads the list of inward investors with a 23% share of the activity. Mexico provides the next biggest chunk with 10% of purchasers; the United Kingdom 9%; China (including Hong Kong) 8%; Germany combined with France 7%; and India 5%, according to the NAR survey.

55% of the buyers in the survey paid in cash. This contrasts sharply with the 92% of normal, domestic U.S. house-buyers who financed their home purchase in 2009 via a mortgage.

Source: Release-News