Archive for Real Estate Investing
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Joseph V. Scorese – Mortgage Lending Specialist
This recent article from the National Association of Realtors, show that the US is stills the place to invest. Despite some tough times, many foreigners are buying in the US for Long Term Investments.
The U.S. continues to remain a top destination for foreign buyers as international purchases surged by $16 billion this year, one of the highest increases in recent years. This is according to the NAR’s 2011 Profile of International Home Buying Activity.
According to the survey, total international sales in the U.S. for the past year ending March 2011 equaled $82 billion, up from $66 billion in 2010. These sales were split between nonresident foreigners and recent immigrants. “The U.S. has always been a desirable place to own property and a profitable investment,” said NAR President Ron Phipps. “In recent years we have seen more and more foreign buyers coming here to take advantage of low prices and plentiful inventory.
Our homes are generally less expensive than comparable foreign properties and homes in this country are viewed as a secure investment. More recently, there are new factors motivating foreign buyers. Many colleges have a significant number of international students, and some families are purchasing properties in college areas so their child has a place to live. Another source of international demand is foreign executives temporarily working in the United States.”