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Modern Land Grab

FOR Ε ALE MODERN LAND GRAB WHERE & WHY ARE FOREIGNERS BUYING U.S. REAL ESTATE? We may be too busy worrying about a double-dip in housing values and lamenting the fact that our homes are now worth what they were back in 2002. But that isn't deterring foreigners from purchasing our land. In fact, nearly 8% of all existing homes sold between March 2010 and March 2011 were purchased by foreign buyers, according to the National Association of Realtors. Why are foreigners buying U.S. property? What countries are buying the most? And in what states are they most interested in buying? We've got the answers. INTERNATIONAL SHARE OF U.S. HOME SALES Existing U.S. home market*: International Share: $1.07 TRILLION $82 BILLION (7.7") *March 2010-March 2011 WHERE DO FOREIGN BUYERS COME FROM? ASIA NORTH AMERICA EUROPE 31% 24% 26% MIDDLE EAST 3% CENTRAL AMERICA 2% AFRICA SOUTH AMERICA 3% 11% IN WHAT STATES ARE FOREIGNERS BUYING THE MOST PROPERTY? 31% 12% 9% 3% 2% 17% (Combined) WASHINGTON NEW YORK -.... PENNSYLVANIA NEW JERSEY NEVADA ILLIONOIS VIRGNIA CALIFORNIA NORTH CAROLINA TENNESSEE ARIZONA GEORGIA TEXAS HAWAI FLORIDA HOW MUCH ARE FOREIGNERS SPENDING ON PROPERTY? Amount Spent 5% 10% 15% 20% LESS THAN 100K 18% $100K - $150K 13% $150K - $200K 14% $200K - $250K 9% $250K - $300K 10% $300K - $400K 10% $400K - $500K 8% $500K - $750K 9% $750K - $1M 6% $1M + 5% TYPE OF PROPERTY PURCHASED DETACHED SINGLE FAMILY | 61% CONDO / APARTMENT | 26% TOWNHOUSE | 10% COMMERCIAL PROPERTY | 3% HOW DO FOREIGN BUYERS INTEND TO USE THEIR PROPERTY? WHY ARE FOREIGNERS BUYING U.S. REAL ESTATE? HOW ARE THEY PAYING? Primary Residence 37% It's in a desirable location 43% Cash 62% Vacation home for It's a profitable investment 27% Mortgage Financing 36% family and friends 28% It's a secure investment 21% Don't Know 2% Residential rental property for investment 16% Other 9% I Vacation home and rental property for investment 13% Commercial rental property for investment 4% Don't Know 2% credit sesame Source: realtor.org BY: www.creditsesame.com

Modern Land Grab

shared by ColumnFive on Jul 30
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Foreign buyers are snatching up U.S. real estate and they bought nearly 8% of homes sold in the 12 months ending in March 2011. That may not sound like much, but is in fact worth $82 billion of the U....

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Economy
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