Local agents and United States realtors have noted a sharp increase in the number of foreign buyers shopping for bargains in the United States this year as the housing market bottoms out. In Orange County in particular and Southern California in general, Chinese and other Asian buyers, many of whom pay in cash, have been snatching up properties. According to local agents, these are either as vacation or retirement homes, as homes for children who are studying at local universities and schools, or as investments.
Canadians have also been purchasing winter homes in Florida and Arizona, a report from the National Association of Realtors states. Wealthy South Americans and Mexicans have meanwhile been investing in Texas and South Florida.
Foreign purchasers spent around $82.4 billion on homes in the United States in the 12-month period that ended in March, according to the most recent survey from the National Association of Realtors, which is a rise of 24% from the $66.4 billion figure the year before.
The survey also demonstrates that foreign purchasers account for almost 5% of all home sales in the United States and around 8% of the amount spent. Foreign purchasers account for 11% of home sales in California, according to the estimate from the National Association of Realtors; however, the California Association of Realtors claims that foreign sales accounted for just 5.8% of the transactions in the state, with 39% of these purchasers coming from China, 13% from Canada, and 8.7% from India and Mexico.
The state group does not break down statistics for Orange County, although local agents claim that the proportion of sales to foreign buyers in Orange County and Southern California is higher than the state average.
