Foreign home buyers flocking to Florida
A recent report suggested that more foreigners are investing in U.S. real estate, with Florida leading the pack among the most popular states for investment, according to The Epoch Times.
The report revealed that Florida real estate listings captured 33.03 percent of the international traffic recorded to all U.S. states during the third quarter of 2011. Arizona came in second with 15.15 percent, while Nevada ranked third at 8.22 percent.
One factor driving the surge of foreigners investing in the American housing market is the recently proposed Immigration Reform Bill. Co-authored by Senators Charles E. Schumer and Mike Lee, the proposal seeks to reduce barriers to entry and investment by foreigners, according to Senator Lee's website. If the bill is passed, foreigners who buy a home costing at least $500,000 or a combination of two residences, one costing at least $250,000 and serving as a primary residence, could receive a three-year renewable visa.
These developments could portend substantial positive growth for the real estate market in various cities in Florida. Prospective homebuyers looking at the state might be interested in the numerous houses for sale in Jacksonville.