Foreign investors pull out of US housing market
Poor exchange rates, foreign economies hinder investing
According to Reuters, foreign investors are backing away from the U.S. real estate market that they so eagerly jumped into a year ago, especially in markets like San Francisco and Phoenix. Reuters discussed the development Monday. Here is an excerpt from the article:
Kevin Kieffer, a broker who sells property in San Francisco for Keller Williams Realty, said in that area buying from foreigners has dropped by at least 30 percent in the last few months.
"That is partly due to the fact that prices escalated so quickly in the San Francisco area," he said. "But some of my foreign clients have also mentioned the value of the dollar as another reason they decided not to buy." At the same time, domestic demand for real estate held steady, he said.