American Dream to Foreigners
In this article titled “American Dream Attracting More Foreigners” it talks all about foreigners buying homes in the U.S. In a 2010 survey realtors were asked after a year if they had had any international buyers. The results were that 18% had had at least one international sale which is up 6% from the year before. NAR President Vicki Cox Golder, owner of Vicki L. Cox in Tucson, AZ said “The U.S. continues to be a top destination for international buyers all over the world. Foreign buyers understand the value of owning a home in this country.” Home ownership is one of the biggest parts of the American dream, so many foreigners are trying to take part in this part of the American dream. More than half of the homes bought were in just four states: Arizona, California, Florida, and Texas which are all in the south. The foreign buyers came from 53 different countries. Although most of them were from our two neighboring countries, 23% were from Canada and 10% were from Mexico. Over one third of the foreign buyers weren’t closers due to financial problems and some lenders weren’t willing to lend to people without a social security number. Although cash seemed more enticing to the sellers, because 55% paid in cash.