Cheap homes lure foreign buyers

Cheap homes lure foreign buyers

By Les Christie

@CNNMoneyJune 12, 2012: 11:18 AM ET

NEW YORK (CNNMoney) -- Lured by bargain home prices, foreign buyers stepped up their purchases of U.S. homes by 24% over the past year, according to an industry trade group.

The National Association of Realtors reported Monday that $82.4 billion worth of homes were sold to international buyers in the 12 months that ended in March, up from $66.4 billion the year before

"Today's advantageous market conditions have drawn more and more foreign buyers to the U.S.," said NAR President Moe Veissi, who owns a real estate firm in Miami. (Related: Where homes prices are rising fastest)

U.S. prices have fallen by about a third from their 2006 peak and are at their lowest level since 2002, and foreign sales were especially strong in states where prices dropped even more sharply. Of the four states cited in the report as tops for foreign buyers -- Florida, California, Texas and Arizona -- only Texas has not recorded a severe home price correction.

Full Story:  http://money.cnn.com/2012/06/12/real_estate/housing-market/index.htm?iid=HP_LN

“You control your future, your destiny. What you think about comes about. By recording your dreams and goals on paper, you set in motion the process of becoming the person you most want to be.”

- Mark Victor Hansen

Posted via email from Duane's Proposterous Posterous