A report released by the National Association of Realtors reveals hikes in sales and interest in U.S. real estate among foreign buyers for 2008, once again illustrating the value of international investors and homeowners to an otherwise flagging marketplace.
More foreigners are flocking this year to the West and South to get a piece of prime real estate, according to the report. Arizona, California, Florida, and Texas now lead in sales, but the Northeast has also grown in allure to foreigners, climbing nine percent in that category.
The survey concluded that foreign buyers actually spend more on average for realty than their American counterparts. [T]his year the median home price for foreigners alone exceeded $297,000.
On a more specific level, Chinese and British clients paid the most, with median disbursements of $450,000 and $350,000 respectively.
Source: RISMEDIA, August 13, 2008
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