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USA property news: International demand for USA homes falls
Country: United States
17 September 2009 Demand for USA property from overseas home buyers fell due to the global financial downturn and credit crunch, according to the 2009 National Association of Realtors Profile of International Home Buying Activity. The top five countries of origin for foreign buyers of property in USA were Canada with 17.6% of buyers, the UK (10.5%), Mexico (9.8%), India (8.5%) and China (5.4%). The percentage of USA property buyers from Canada, the UK and China fell from the previous study, but those from India and Mexico actually increased. Although the share of people buying homes in USA who are foreign is less than in previous years, almost half of those purchasing paid in cash – avoiding the stringent mortgage process. In the 12-month period between the end of May 2008 and the end of May 2009, it is projected that 154,000 USA homes were sold to foreign nationals, which is down from approximately 170,000 international transactions during the previous 12 months. The average price paid for a USA property by a foreign buyer for the year ending in May 2009 was $247,100 (£150,000), higher than the overall national price of $198,100 (£120,000) in 2008. The data also shows that a staggering 45.8% of all foreign buyers paid cash for their USA home, partly because it had become harder to obtain a mortgage due to the credit crisis. Collectively foreigners spent £23.4bn on acquiring residential properties in USA during the period in question. “Stock market gains and improving bank balance sheets will permit a greater amount of lending for second home purchases,” says Lawrence Yun, NAR chief economist. “Recent improvements in the credit market will help reverse the slide in foreign buyers. In addition, expanding foreign economies for international buyers and favorable exchange rates give them more purchasing power, particularly in a period of record high affordability conditions in the United States. Property investment here generally builds wealth over the long term.” Research shows property in Florida is most popular with European and Latin American buyers, while Asian buyers prefer to buy property in California.
See Also: Marc Da-Silva, Overseas property investment news, USA
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