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Foreign Buyers are Pumping the Brakes on Home Purchases
Thursday, August 6, 2020
Foreign buyers cut back their
investment in U.S. residential properties over the 12 months that ended in
March. It was the second year-over-year decline. The National Association of
Realtors® (NAR) annual survey among its members about their transactions with
international clients found foreign buyers purchased $74 billion in existing U.S.
homes from April 2019 through March 2020, a 5 percent decline from the same
period a year earlier. The number of properties purchased dropped 16 percent to
154,000. Foreign buyers who were U.S. residents, either as recent immigrants or holding the appropriate visas, purchased
$41 billion in residential real estate, down 8 percent from the prior period.
Foreign buyers living abroad spent $33 billion, a 1 percent decrease. Those two
types of international buyers were responsible for 4 percent of the nation's total
existing home sales of $1.7 trillion during that period.
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