Foreigners Buy Record Number of U.S. Homes #investment #realestate #wealth

Source:  LA Times

Foreign home buyers scooped up a record number of residential properties in the United States in the last year, despite a rising dollar and political uncertainty, according to a survey released Tuesday.

The National Assn. of Realtors said foreigners bought 284,455 properties in the 12 months that ended March 31, about a third more a year earlier.  Dollar volume surged nearly 50% to $153 billion, also a record for the survey first taken in 2009.

Chinese nationals were the biggest buyers, purchasing $31.7 billion worth of property, up from $27.3 billion a year earlier and more than ever before, the Realtors said.

But the largest increase came from a surge in buyers from Canada, where prices have skyrocketed in recent years, partially due to Chinese investment there.

Canadians purchased $19 billion worth of residential property, compared with $8.9 billion in the 12 months ended March 2016, the Realtors said in their annual report on international investment.

Check out the full story here:
http://www.latimes.com/business/la-fi-foreign-buyers-20170718-story.html

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