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Foreigners purchase record number of U.S. homes
Foreign purchases of U.S. residential real estate recently rose to a record level in terms of dollar volume and number of homes sold.
According to the National Association of Realtors, between April 2016 and March 2017, foreign purchasers closed on $153 billion worth of U.S. residential properties. That number was up 49 percent from the same period in 2016, surpassing the previous high in 2015.
CNBC reported that “[f]oreign sales accounted for 10 percent of all existing home sales by dollar volume and 5 percent by number of properties. In total, foreign buyers purchased 284,455 homes, up 32 percent from the previous year.”
Sales in the states of Florida, California, and Texas accounted for half of all foreign purchases.
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