Got a smile this morning from USA Today! We’re making news, team.
USA today says, “For the 12 months ending in March, 31% of Florida’s home sales were to foreign buyers, up from 10% in 2007, according to a survey by the National Association of Realtors.”
Okay, we knew that.
Then, they get a little more specific.
“Foreign buyers are being enticed by low U.S. home prices, down 30% nationwide since peaking in 2006, and the weakened dollar, which makes their money go further. Since the start of 2006, the Canadian dollar has soared 18% against the U.S. dollar, while the euro has gained 22%, says data tracker Oanda.”
And still more specific.
“The largest share of foreign buyers, 23%, come from Canada, the Realtors’ survey found. China followed at 9%. The survey includes foreigners living abroad, those in the U.S. with long-term visas and new immigrants.”
Where’s the money coming from?
“Chicago-based Harris Bank is on pace to make 25% more loans to Canadians buying U.S. homes this year than last, says Randall Raup, head of retail lending for Harris. Its top buying locations are Florida, California and Arizona, he adds.”
Some days, reading the news is just like looking in a mirror.