Almost half of international home buyers pay cash to dodge difficulty of securing a mortgage, survey finds.
Despite record U.S. home price affordability, international buyers have been unable to take advantage because of the worldwide recession and credit crunch, a real estate group said Tuesday.
Home sales to foreign clients dropped 9.4% in the year ended in May to 154,000, according to a report from the National Association of Realtors.
Among international clients who did purchase, almost half paid cash for their property because securing a mortgage was more difficult than before, according to the report.
But the NAR expects the latest improvements in the credit market to turn the tide.
Read Hibah Yousuf’s full article “Foreign purchases of U.S. homes dip” in CNNMoney (September 15, 2009).