Cities like New York and Miami have long served as second homes for affluent foreigners. But the trend is growing. One in five Realtors has sold a home to a foreign investor in the past year, according to the National Association of Realtors.
The events of 2007 have made the U.S. much more affordable for international home buyers. Dollar declines against the euro and pound have made U.S. homes more affordable for Europeans. But even foreign buyers without that sort of currency advantage are benefiting from sharp drops in housing prices at a time when problems in mortgage lending are keeping some Americans out of the market.
The currency advantage is greatest for British citizens, given that each pound is worth well over $2. By contrast, the euro currently is worth about $1.45 while the Canadian dollar in recent weeks is hovering close to the U.S. dollar.
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