OK maybe the title is a little misleading in the sense that the housing market has seem to steady out more than head up. The title should read “Foreign Investors Jumping in the US Housing Market”.
The National Association of Realtors reports that non U.S investors have purchased 66 billion dollars worth of real estate from March 2009 through March 2010. That’s a HUGE number and accounts for 7.27% of the total U.S residential property market.
Even more staggering is the fact that 55% of the 66 billion dollars in purchases were paid 100% in cash. That’s 36,000,000,000.00 dollars in cash sales of residential properties by foreign investors.
So why are so many foreign investors jumping in now? They still view the U.S as a strong real estate market but now is the time to great deals. I agree with these investors and have personally purchased 3 properties during the last 9 months.
The foreclosure rate is huge and it opens the door for savvy investors in my opinion. Some say this is taking advantage of people’s misfortune but I view it as I’m saving a home and paying a lender that otherwise would not have been paid.