From: Realtor Magazine Online, Daily Real Estate News, November 12, 2007
The weak dollar may be a bad thing for Americans who want to travel abroad, but there is a silver lining: More foreign buyers are making the most of their currencies by investing in the U.S. real estate. Dan Green, a certified mortgage planning specialist and author of TheMortgageReports.com, estimates that the number of inquiries he's received from outside the U.S. is probably five to 10 times larger than it was a year ago.Foreign investors are increasingly supporting real estate markets in Miami and San Francisco, says Susan Wachter, a professor of real estate at the Wharton School at the University of Pennsylvania.New York, Chicago, and other parts of Florida are also attractive to foreign investors." [The U.S. is] an enticing investment," says Phillip Hegarty, the sales director for Castleroc Estates, a Dublin, Ireland-based firm that works with Irish investors to buy residential and commercial real estate in the United States.
Source: The Associated Press, Stephen Bernard (11/09/2007)
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