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Foreign Purchases of U.S. Homes Rise Strongly – WSJ.com

by Nick Timiraos

Nationwide, international buyers spent $82.5 billion on residential real estate in the 12-month period that ended in March, according to the National Association of Realtors. That was up by 24% from the $66.4 billion spent in the same period that ended March 2011 and accounted for nearly 8.9% of the $928 billion spent on residential real estate during that span…

Five states, meanwhile, accounted for foreign buyers around 55% of all foreign buyers’ sales: Florida, California, Texas, Arizona and New York.

Few markets are benefitting from the influx of foreign money as much as hard-hit Florida, where South Americans, Canadians and Europeans have resuscitated entire luxury developments that were practically abandoned when the housing bubble popped five years ago.

via Foreign Purchases of U.S. Homes Rise Strongly – WSJ.com.

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