Foreign Buyers in US Housing Rises

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Foreign home buyers — those with residency outside the US as well as recent immigrants and temporary visa holders — purchased $66bn of US residential property, or 7.27% of the market, in the year ending March 2010, according to the National Association of Realtors (NAR).

Based on NAR's existing home sales information, $907bn of residential sales occurred in the 12 months ending March 2010.

International clients with permanent residences outside the US took 4.56% of the market — up from 4.23% in the previous 12-month period — while recent immigrants and temporary visa holders took another 2.71% of the market.

"The US continues to be a top destination for international buyers from all over the world," said NAR president Vicki Cox Golder, in a statement. "Foreign buyers understand the value of owning a home in this country… ."

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