Why foreign buyers are pulling back from US housing market at record rate
"good news for Americans who’ve been eyeing properties particularly in more expensive enclaves..."
"According to the National Association of Realtors‘ new survey cited by the Wall Street Journal, the number of purchases by international buyers fell by 21 percent between 2017 and 2018, amounting to a drop of $32 billion. It’s the largest decline on the books.
“The [discussion of a] trade war or just the rhetoric against foreigners may have dampened some of the enthusiasm to buy property in the U.S.,” NAR chief economist Lawrence Yun told the Journal. Higher home prices and a strong dollar are other key factors NAR economists pointed to as drivers behind the plummeting interest from overseas."
July 28, 2018
The Real Deal
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