Foreign purchases of U.S. residential real estate fell 36% to the lowest annual rate since 2013, as slowing overseas economies, the strong dollar and the White House’s anti-immigrant rhetoric put a chill on demand. The data include foreigners who reside outside the U.S. and those who are recent immigrants or temporary visa holders. Non-resident buyers spent $33.2 billion while new arrivals spent $44.7 billion. It’s likely that the Trump administration’s anti-immigrant rhetoric and trade wars may be keeping some people away, Chief Economist Lawrence Yun said. The top destinations were Florida, which accounted for 20% of foreign purchases, followed by California, Texas, Arizona and New Jersey, the report said.

Source: Los Angeles Times July 17, 2019 17:54 UTC