Falling home prices may be plaguing the US economy, but they are candy to foreign investors, who already have a weak dollar on their side.
Buyers from overseas spent roughly $41 billion on US residential real estate last year, a bump up from the previous year. US real estate agents report a surge this Spring especially, as foreign buyers see continued pressure on home prices and ample bargains.
"I don’t think they’re so concerned about the prices dropping as they are about getting value for their money," says Rick Ambrose, a Coldwell Banker agent in Lake Mohawk, NJ.
Ambrose and his colleague Mary Pat Spekhardt recently hosted two groups of Japanese investors searching for homes on the scenic lake just about an hour outside of New York City.
"They can work here, be close to the city, be close to their corporations and still feel like they’re on vacation. I think that’s really what grabbed everybody. That’s what got them," says Spekhardt.