Will Foreign Influx Save the Housing Market?
The Euro is worth very near to one and a half times the U.S. dollar. As a result, there is much speculation that Europeans will begin buying property in America. In fact, an Associated Press article quotes Dan Green of TheMortgageReports.com as saying that inquiries he’s received from overseas has grown by about five to 10 times the size it was a year ago.
A homebuyer today would need only 34,100 Euros to make a $50,000 payment toward a home. A buyer based in England would need only about 23,900 GBP to make the same $50,000 payment. Sad, isn’t it?
New York, Chicago, California and Florida are the areas expected to see the greatest influx of foreign real estate investors. And investments are exactly how foreigners are viewing this, according to the article - although undoubtedly some are also viewing it as an affordable way to score a great vacation home. If more homebuyers enter the market, it is expected to “set a floor” for the real estate market and help the market eventually stabilize, the article stated. Here’s hoping!
November 11th, 2007 at 8:59 am
[…] Itamar wrote an interesting post today onHere’s a quick excerptThe Euro is worth very near to one and a half times the US dollar. As a result, there is much speculation that Europeans will begin buying property in America. In fact, an Associated Press article quotes Dan Green of … […]
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