Monday, October 29, 2007

America For Sale: Canadians Welcome

From ABC News:

“As the value of the dollar plummets, American real estate looks more and more attractive to overseas investors.

Foreigners buying property -- both residential and commercial -- in the United States is nothing new. But in recent months, as the exchange rate has swung further in their favor, Irish, British, Italian and even Canadian investors have started to gobble up more land here.”

From The Canadian Press:

“But there's another trend Jurock is seeing -- Canadians bargain-hunting in the depressed U.S. real estate market.

The strong loonie's buying power is magnified south of the border where the sub-prime mortgage debacle, with its flood of foreclosures, has pushed down prices.

‘I would say I get 10 e-mails a day from Canadians who want to go to Hawaii or Phoenix or all those areas and they're asking me what the laws are, how to get financing, and so on,’ he says.”

From Realty Times:

“As winter looms, dreams of owning a piece of sunshine have become affordable realities for many. Is it the southern US states that attract you, or would you prefer Mexico and other foreign lands where inflated ‘loonie’-exchange rates make Canadians feel richer away from home. Slower foreign real estate markets add to the value offering promoted to attract ‘loonie’ buyers. US brokers, intent on finding qualified purchasers in their saturated markets, are among those actively inviting Canadian buyers to consider buying a foreign property.”

From The National Review of Medicine:

“Today's strong loonie has clout in the US housing market, a market where the burst housing bubble is causing a serious credit crunch. Following years of frenzied buying and skyrocketing prices, defaults on mortgages are now endemic and the big sell-off has begun.

‘With the dollar as it is and the varied situation in the United States, there are tremendous buying opportunities in the southern states and particularly in the states that were grossly overheated,’ says Mr Maranger.”

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