"Tampa, FL (Xinhua) - September 1, 2011 - One of the first U.S. states to have its economy crushed by the U.S. housing market recession is now experiencing a rather happy surprise - its housing market is experiencing an upturn.
Despite and unemployment rate of 10.7%, which is higher than the national rate of slightly over 9%, enough people are buying houses in Florida so that the state's housing market is no longer considered an imminent problem by housing and regulatory agencies.
What makes this even more unique is the fact that the status of Florida's housing markets seems to be in the opposite condition of the national housing market."
The combination of highly affordable prices and record low interest rates are fueling this resurgence. So, taking a look back at the significance of foreign homebuyers in Florida... the National Association of Realtors conducted a survey this summer to determine the impact of international home buyers. Here are some of the results:
- Approximately 25% of all sales in Florida are to foreigners.
- Nearly all sales are for cash.
- Foreign purchasers buy upper end homes with a median price of approximately $174,700.
- International investors cite value as a major reason for their purchase - the discounted prices of U.S. real estate coupled with the weaker U.S. dollar.
- Canadians were the top investors in U.S. property, with the United Kingdom now less important that in 2010. Brazil and Venezuela have become more important.
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