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.