(Source: ABC News)

This Could Be Sign That Housing Market Has Hit the Bottom and Will Recover

States like Michigan, California, Nevada and Florida — all of which have struggled with tight housing markets — have seen an influx of foreign investors swooping in to snatch up real estate deals, local real estate professionals said.

Rock bottom real estate prices have foreign investors coming to the United States to buy homes.

Some call the foreign investors real estate vultures who are picking up the remains of a shattered housing market.

“[I’ve] had people come here from the U.K., certainly from Canada [and] received inquiries from Australia, Brazil, China,” said Detroit real estate investor Ian Mason.

Read Lisa Fletcher et al.’s article “America for Sale: Outside Investors Snatch Up Housing” in the ABC News (March 24, 2009).

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