Foreign buyers see big opportunity in housing bust - East Valley Tribune: Nation / World

Foreign buyers see big opportunity in housing bust

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Posted: Monday, October 4, 2010 3:02 pm | Updated: 5:09 pm, Tue Oct 5, 2010.

The beaten down U.S. housing market is attracting interest from abroad.

Individual investors from Europe, South America, Asia, Russia and the Middle East are picking up cheap property across the U.S. Many plan to rent these houses and condos and then sell them once the housing market recovers.

Miami, Phoenix and Seattle are especially hot. New York, Washington and Los Angeles also are getting interest from overseas buyers.

The new investors are bringing to the table the one thing U.S. buyers don't have: cash.

This trend accounts for less than 10 percent of U.S. home sales, but experts say it is spreading fast. So much so, realty brokers have hired a cadre of marketing staff and host special soirees for large groups of potential foreign buyers.

 

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