Rent Real EstateMarket Conditions
As the US dollar weakened during the first quarters of this year in comparison to many foreign currencies, international real estate purchases remained widespread across the nation.
NAR estimates that between 150,000 and 190,000 homes were sold to foreign nationals from May 2007 to May 2008, with the most popular states being Florida, California and Texas.
USA Today reports that "like their American counterparts, many foreigners are avoiding the hard-hit Rust Belt: 41% bought homes in the South, while 31% were attracted to the West."
"Many international buyers recognize that real estate is an excellent investment and are drawn today by abundant inventory, low interest rates and a softer dollar. These conditions allow them to own their own a piece of the American dream," NAR President, Richard F. Gaylord said.
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