Foreign Buyers Are Pulling Back, REALTORS Say #homeownership #realestate #investment

Source:  Wall St. Journal

A strong U.S. dollar and rising home prices have undermined demand from foreign buyers, according to the National Association of REALTORS.  Despite expectations that foreign buyers would flock to the safety of U.S. real estate amidst global economic tumult, there is growing evidence that many foreign buyers have been pulling back, in part because prices in many of the cities they favor, such as New York and San Francisco, have risen sharply.  For instance, the median price of existing U.S. homes had increased 67 percent for a buyer from Brazil, factoring in the exchange rate, compared with a year earlier.  For a buyer from Canada, it increased 27 percent and for a Chinese buyer, 14 percent.

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