A worker hammers a shingle onto the roof of a new house under construction… (Rogelio V. Solis / Associated…)
Foreign buyers hunting for safe investments are flocking to the U.S. housing market, attracted by low prices, according to a report.
International clients accounted for $82.5 billion worth of sales for the 12 months that ended in March, according to the survey by the National Assn. of Realtors. That compares with $66.4 billion over the period a year earlier.
Buyers from Canada, China, Mexico, India and Britain made up 55% of all international purchasers. Four states -- Arizona, California, Florida and Texas -- accounted for 51% of the states in which international buyers purchased homes.
A variety of factors drove foreign buyers to purchase where they did, including proximity to their home countries, convenience and climate. The East Coast attracted Europeans buyers, while the West Coast was favored by Asians. Florida drew South Americans, Canadians and Europeans.
Low housing inventory drives fierce competition
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