Foreign Buyers Continue Purchasing Cheap U.S. Homes

Foreign consumers purchased $41 billion worth of American houses and apartments during the 12-month period that ended in March 2011, according to the latest statistics from the National Association of Realtors. That’s roughly the same as the previous year showing that foreign buyers continue to see value in U.S real estate.

But add in the $41 billion spent by immigrants who moved here within the last two years and people with visas of more than six months, and the total is $82 billion worth of U.S. residential real estate taken off the market by international buyers, up from $66 billion in the previous year.

The demand for American real estate is so strong that last fall, the National Association of Realtors launched an international version of its property search website. Now, the 4.4 million properties displayed on Realtor.com can be viewed more easily by buyers from practically any place in the world, and in almost a dozen languages.

The top destinations of foreign investors for U.S. real estate purchases are:

1. Florida: 31% of all home purchases in that state are made by foreign buyers, with most coming from Cuba, Haiti, and Colombia.

2. California: 12% of all home purchases (most coming from Mexico, the Philippines, China, India, and Vietnam)

3. Texas: 9% of all home purchases (most coming from Mexico, India, Vietnam, China, and the Philippines)