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07-14-2010, 06:43 PM #1
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Mexicans Overtake Brits in the US Property Market
Mexicans overtake Brits in the US property market
Posted by Andrew Clark
Tuesday 13 July 2010 19:15 BST
Property prices have taken a well-documented dive in sunny US holiday hotspots such as Florida. But that hasn't encouraged many Brits back into the US homebuying market - in fact, the British have fallen behind Mexicans in the ranks of foreign property buyers in the US.
The National Association of Realtors' annual study says the British accounted for 9% of overseas property purchases in the US during the year to March - a fall from 10.5% the previous year.
That means Britain dropped from second to third place in terms of foreign homebuyers in the US, behind Mexico which accounted for 10% of purchasers. And if present trends continue, British buyers will soon be overtaken by the Chinese, who are only a whisker behind. Canada is easily top of the table, accounting for 23% of international home purchases.
No doubt the weak British economy is largely to blame. There aren't too many people who feel affluent enough to splash out on a holiday home just at the moment. In the wake of America's subprime mortgage fiasco, it's also become much harder to get a homeloan as an overseas buyer - banks such as Lloyds TSB and Bank of America used to offer easy-to-access capital. Deals with low deposits are now off the table and buyers often have to stump up 30% in cash. The NAR found that 34% of foreign buyers had been unable to complete purchases because of financing problems.
Average prices across the US continue to fall - the median amount paid by an international buyer dropped from $247,100 to $219,400, pushed down by a glut of bank-owned foreclosed property. Yet the total value of foreign purchases rose from $39bn to $41bn.
By far the most popular US state for British buyers is Florida - and when I visited the Orlando area back in March, gloomy stories were in abundance about negative equity and plummeting home values. In the hinterland of Disneyworld, a local British pub, Harry Ramsbottom's, was up for sale due to a lack of UK business. Perhaps it'll be replaced by a Mexican tequileria.
http://www.guardian.co.uk/business/andr ... rty-abroadJoin our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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07-14-2010, 07:01 PM #2
Brits don't have the reconquista attitude like Mexicans. Neither do Canadians. Chinese, I don't know...
As Aristotle said, “Tolerance and apathy are the first virtue of a dying civilization.â€
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07-14-2010, 07:28 PM #3
Reconquista for certain.
Psalm 139:14Matthew 19:26
But Jesus beheld them, and said unto them, With men this is impossible; but with God all things are possible.
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