Foreign homebuyers providing boost for US real estate market

According to a recent report from the National Association of Realtors, foreign buyers are providing a significant boost for the country's fluctuating housing sector.

NAR analyzed home sales nationwide for 12 months, concluding in March, to conduct its research. Upon completion of the report, NAR revealed that foreign buyers are interested in real estate in regions with popular vacation spots, such as Florida and Arizona.

In Florida, 31 percent of the state's home sales were performed by international buyers, which is 10 percent from 2007. In Arizona, overseas investors represented 6 percent of sales, which is down 11 percent from last year, but up 5 percent from 2007.

Foreign buyers are becoming increasingly interested in U.S. properties because of their low values and the weak American dollar. Overall, the country's home prices are 30 percent below their peak value in 2006. In some areas, the prices are down even further, such as Miami, where prices are 55 percent below their peak.

In areas that have significant waterfront property, such as California and Houston, real estate transactions could increase soon as well, if the current national home prices continue to remain low.

Courtesy of 2M Realty News