Who is currently helping the real estate market for sale of US recovers? Many Americans, of course. But to get a more balanced picture, look outside the USA
Foreigners accounted for $ 82.5 billion, or 8.9%, of the $ 928 billion spent on residential real estate in the USA April 2011 to March 2012, agreeing to a June survey by the National Association of Realtors ("National Association of Realtors").
That was up 24% from $ 66.4 billion last year. More than 50% of sales during the past year occurred in just five states: Florida, California, Texas, Arizona and New York. Canadians also have been buying in the Midwest, including Chicago.
Since the economic deterioration in 2008 of properties in the USA, foreign buyers have flooded the American market, taking advantage of favorable exchange rates, weaker prices and, in some cases, mortgage rates record low.
Canadians are now buying especially in the USA for investment and retirement later.
Canadians accounted for 24% of foreign sales in the year to March, according to the NAR.
