Despite the Weak Dollar, Foreign Buyers aren’t Rushing In
An interesting article from the Wall Street Journal 8/12/08:
American sellers are desperate to sell their homes to foreigners, who these days are more likely to have ready cash than their countrymen. And with falling home prices and a weak dollar, a place in the United States is more affordable for a wider variety of international buyers than ever before.
Why, then, aren’t foreign buyers rushing to buy American homes?
A report by the National Assocation of Realtors revealed the curious fact that for 2008, for the 12 months ending in May, only 26% of 4,000 American real estate agents surveyed had at least one foreign client. In 2007, when a similar number of agents were surveyed, the proportion was much higher–32%. In both years, about half of the clients eventually bought a home, typically as a vacation home or investment. Those that didn’t, the agents said, were turned off by the cost of the property (54%), immigration laws that prevent foreign nationals from living in the United States year-round (27.4%) and property taxes (24.2%).
Posted in: Miscellaneous, Uncategorized on August 12, 2008
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