Record Drop in Foreigners Buying U.S. Homes (

Описание: Record Drop in Foreigners Buying U.S. Homes (#GotBitcoin?)

Foreign purchases of U.S. homes had their biggest drop ever, bringing relief to waves of American house hunters who have struggled to compete in affluent neighborhoods with wealthy buyers from abroad.

Purchases by international buyers totaled $121 billion in the fiscal year ended in March, down from $153 billion the previous year, according to a survey by the National Association of Realtors released Thursday. That 21% decline was the largest on record, the NAR said.

The drop in foreign interest helps well-heeled buyers in places like Manhattan, Seattle, San Francisco, Miami, and Orange County, Calif. While foreigners make up a small share of the overall U.S. housing market, they are concentrated near the high end of the market and are more likely to pay in cash and bid above the asking price, according to agents in these markets. That has challenged local buyers to come up with larger down payments and pay more.

The sharp decline in purchases reflected higher home prices, a strengthening dollar and intensifying political tensions between the U.S. and other parts of the world, economists say.

“The [discussion of a] trade war or just the rhetoric against foreigners may have dampened some of the enthusiasm to buy property in the U.S.,” said Lawrence Yun, chief economist at NAR.

The pullback creates an additional challenge for many sellers, who have welcomed foreign interest and the ease of all-cash deals. The housing market is already slowing, especially for developers of higher-end condos, some of whom heavily marketed their units to foreign investors.

“This might be the first time in my career that I’m seeing more Chinese sellers than buyers,” said John Chang, a broker-owner at Engel & Völkers in New York City.

Mr. Chang said his clients have watched prices rise sharply in recent years and determined that now is their opportunity to “cash out.”

On a trip to China last week, Mr. Chang said he realized that Chinese news coverage of the U.S. is spooking would-be buyers. “It’s staggering,” he said of the negative coverage, including editorials saying now isn’t a safe time to invest in the U.S. and articles chronicling real-estate developments funded by Chinese investors that have gone bankrupt.

Chinese buyers remained the largest purchasers of U.S. homes but their purchases fell 4% from the previous year to $30.4 billion. Purchases by Canadians, the second-most-prolific purchasers, dropped 45% to $10.5 billion.

Existing-home sales have fallen on an annual basis in five of the past six months, buffeted by rising prices, a long stretch of low inventory and rising mortgage rates. The decline in purchases by overseas buyers is adding to the market’s woes.

“Part of that softening is foreign buyers pulling back slightly,” said Mr. Yun of NAR.

Foreigners continued to purchase more expensive properties than most locals in the past year but they also pared back their spending habits. The median price of a residential property purchased by a foreigner was $292,400, down from more than $302,300 a year earlier. The median local existing-home buyer spent about $50,000 less. Chinese buyers continued to purchase the most expensive properties, with a median price of $439,100.

Nearly 40% of Chinese buyers bought in California, which has a large Asian community, good air quality and strong universities.




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