With home prices continuing to decline, more and more U.S. homes are being sold to foreign-born investors, both immigrants living in the U.S. and international investors living abroad. According to the Chicago-based National Association of Realtors, foreign-born investors bought $82 billion worth of homes in the last 12 months, with the year ending in March, representing a 24% increase compared to the prior year.
These numbers mean that foreign-born investors accounted for 8% of all home sales in the U.S., which is a good chunk of change considering there were $1.07 trillion in home sales in the year ending March 2011.
At least 23% of these foreign-born buyers hail from Canada, the same study reported. The other top home countries for foreign-born buyers include China at 9% and then Mexico, India, and the U.K. at 7% each.
As for where the foreign-born investors are buying, the top states are all warm weather states, including Texas, California, Arizona, and Florida.
President of the Realtors Association, Ron Phipps, attributes this trend to not only lower home prices but also a plethora of homes on the market.