There’s diamonds in the sidewalk, the gutters lined in song
Dear, I hear that beer flows through the faucets all night long;
There’s treasure for the taking, for any hard workin’ man
Who’ll make his home in the American land.
–Bruce Springsteen, “American Land”
Low prices and a favorable exchange rate has made owning a piece of America even more appealing for foreign, er, international buyers. And they’re taking advantage of it, even with (or because of?) the mess that is the European financial situation.
According to NAR, international buyers accounted for almost nine percent of residential purchases from April 2011 through March 2012 — that’s $82.5 billion worth.