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U.S. Property Searches Have Soared Thanks to Foreclosures - 19 August 2010

The number of overseas investors searching for homes in the U.S. has skyrocketed 192 percent in the last year, according to recent statistics.

With repossessions continuing at an alarming rate in U.S., these numbers are no surprise. Major banks in the country had to write off of $8 billion in home loans in the first three months of this year alone. At this rate, the year-end totals could trump last year’s astounding $31 billion lost in foreclosures.

Expert say overseas investors should rejoice in knowing that these repossessions won’t be slowing down in the near future. Banks were sitting on faulty loans last year, trying to ease the number of defaults and stall foreclosures with the help of government incentives. Now that the pipeline of homes needing to go into foreclosure has backed up, investors can sweep in and buy homes at half their worth.

While the U.S. saw the greatest rise in property searches by overseas investors from June 2009 to June 2010, the Primelocation survey also found that overall, searches were up 138 percent in that same period.

A surprise location to top the list was the United Arab Emirates, where search numbers continued to rise five percent from May to June this year. Spain and France also made the survey’s top five, but their numbers have fallen recent months, a trend for most overseas destinations. Real estate experts say that June is traditionally a slow time for property investment.

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