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 August 11, 2008

Foreign Homebuyers Still Buying Real Estate in the United States
Even though the dollar jumped a bit against the Euro, international homebuyers are still eyeing the United States as a good real estate investment. The National Association of Realtors stated that there were possibly around 200,000 international citizens who purchased properties in the United States in the last year. California was one of the top 3 places foreign buyers are purchasing their homes.
Over the past couple of years, the Euro has gained nearly 25% on the dollar and with prices dropping in many areas, it is clear why they are buying homes and condos in the California. To many, real estate is always a good investment and who wouldn't want the housing market to feature excessive inventory and low interest rates?

Almost half of the foreign property buyers purchased their US property with cash and, on average, lived in those homes for about 2 1/2 months in a year. In addition, international buyers are more inclined to purchase luxury real estate more than average domestic homebuyers. They are also more inclined to buy condos and townhomes.