Nick Timiraos form the WSJ reports today: “A survey released Monday showed that the six-year slide in U.S. housing prices, coupled with the rising value of some foreign currencies and continued instability in Europe, is fueling a property-buying binge in the U.S. by wealthy foreigners.
Nationwide, international buyers spent $82.5 billion on residential real estate in the 12-month period that ended in March, according to the National Association of Realtors. That was up by 24% from the $66.4 billion spent in the same period that ended March 2011 and accounted for nearly 8.9% of the $928 billion spent on residential real estate during that span.”
As the greater DC/Baltimore markets are certainly among the most active with international buyers, we thought you’d find this information of value. The full article is available here and it does not require a subscription to read.
In addition, check out this video from the WSJ regarding the stabilization of housing prices in the US, which is certainly a welcome sign.