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Foreign home buying drops to second-lowest level on record
['Brett Rowland', 'The Center Square']
Just The News - Not The Noise
(The Center Square) -Foreign buyers pulled back from the U.S. housing market over the past year, buying $45.3 billion worth of existing homes, the second-lowest level on record, according to a new report.
International buyers purchased 67,100 properties, the second-lowest level since NAR began tracking foreign buyer activity in 2009.
The decline in foreign buyer activity mirrors a drop in international visitors and tourists to the United States, NAR Chief Economist Lawrence Yun said.
Florida remained the top destination, drawing 20% of all foreign buyers, followed by California at 19% and Texas at 12%.
About 48% of foreign buyers paid in cash compared with 28% among all existing-home buyers.