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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