By Rose Meily | Silicon Valley Community Newspapers
While interest from investors has cooled due to the rise of interest rates and home prices, foreign buyers are still in the market for homes, especially in the Bay Area. According to information provided by the California Association of Realtors Global Real Estate Forum, Florida, California, Texas and Arizona continue to be the leading destinations for international buyers, while Canada, China, India, Mexico and the U.K. are home to the majority of international buyers.
Sateesh Lele, vice chair of the California Association of Realtors Global Real Estate Forum, said the volume of international transactions between April 2012 and March 2013 was $68.2 billion, slightly lower than $82.4 billion in the previous year, but it still more than 6 percent of total sales of existing home sales nationwide. The international buyer purchased a home at an average price of $354,000 compared to $228,000, the average price of a home purchased by a U.S. home buyer.
