Foreign investment in U.S. homes jumps 49 percent
The growth in sales dollar volume from Canadian buyers helped fuel foreign investments in U.S. residential real estate to a record high, according to a new report from the National Association of Realtors.
The 2017 Profile of International Activity in U.S. Residential Real Estate report found that foreign investors and recent immigrants purchased $153 billion of residential property from April 2016 to March 2017. This is a 49 percent jump from 2016’s sales of $102.6 billion and up from 2015’s sales of $103.9 billion.
Foreign buyers purchased 284,455 U.S. properties, which is up 32 percent from 2016, and made up 10 percent of the dollar volume of existing home sales.
“The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year,” said Lawrence Yun, NAR chief economist. “While the strengthening of the U.S. dollar in relation to other currencies and steadfast home-price growth made buying a home more expensive in many areas, foreigners increasingly acted on their beliefs that the U.S. is a safe and secure place to live, work and invest.”…..
Foreign investment in U.S. homes jumps 49 percent was originally published on Chicago Agent Magazine – For the well-informed real estate professional, the leading source for news and perspective for real estate professionals in the Chicagoland area.
Source: Chicago Agent Magazine