When I was back in Arizona, it was very clear that foreign buyers have been swarming the place- good winter weather and cheap real estate. In some neighborhoods there are multiple foreign owned houses in the same block. My attorney in Chile bought a house in Arizona within the last few months.momopi wrote:Actually, Canadians are the largest investors in US Real Estate, and large numbers of Canadians in the US are "snowbirds". Canadians can legally stay in the US for 180 days (6 months) every year and many come down to enjoy the warmer weather and better shopping (lower taxes!). My cousin-in-law's family is Canadian and they own property here in Southern CA, they come down from Edmonton every winter. When I was bidding on investment property in inland areas, I had to compete against Canadian, Chinese, and European buyers.zboy1 wrote: Only Third-world immigrants want to come to the U.S. nowadays. Even the Mexicans are starting to head back to their own country. Ask any Canadian, Australian, Japanese, European, or New Zealander if they want to live in the United States--and most will laugh in your face as a response.
The Chinese are the 2nd largest foreign buyers of US RE. In terms of direct investment, the US received $234 billion in 2011 (14% increase from 2010), versus China received $116 billion (9.7% increase from 2010). There's still a lot of money coming into the country, and the job market here is better than Canada simply because we have a lot more people and opportunities. Plus the weather is better.
I visit Laguna Beach often and some of the stores are owned by UK ex-pats. They moved here for better weather and cheaper living. While RE prices have fallen here in the US, London RE has increased by 11.8% over the past year.