Trulia Reports Cooling Foreign Interest in U.S. Real Estate
Share of U.S. Home Searches From Abroad Drops 10 Percent Year Over Year Amid Rising Home Prices and Loss of Previous Lift From Eurozone Financial Crisis
(firmenpresse) - SAN FRANCISCO, CA -- (Marketwire) -- 07/24/12 -- today published its , which provides the inside scoop on current foreign interest in the U.S. housing market. Based on all on Trulia between April 1 and June 30, 2012, this report tracks which U.S. metropolitan areas prospective foreign buyers are looking at and how that has changed over time.
Since the housing bubble burst, falling home prices across the U.S. real estate market have attracted foreign home searchers, most notably from Canada, the United Kingdom, Germany and Australia. However, U.S. asking prices rose nationally 0.3 percent Y-o-Y in June after years of price declines. As a result, foreign searches -- as a share of all the searches on Trulia -- fell by nearly 10 percent in the last year. In the past year, the share of foreign-based searches has dropped the most in local markets where prices have risen the fastest.
Faced with failing banks and massive debt in the Eurozone crisis countries, searches from those countries rose in 2011 as investors there viewed to be a relatively safe investment compared with keeping assets at home. However, the share of searches on Trulia from the Eurozone crisis countries -- which includes Greece, Italy, Spain and several others -- peaked in the fourth quarter of 2011 and declined 15 percent in the first half of 2012.
Foreign home searchers are drawn to markets with warm winters and big post-bubble price declines, which made housing more affordable. Six of the top 10 U.S. metros with the highest share of home searches coming from abroad are in -- with topping the list at 15.7 percent. Rounding out the rest of the list are , , and . However, many of the markets with the biggest price declines after the bubble burst, like , - FL, and , are turning around: they have seen big price rebounds -- and therefore less foreign interest -- in the past year.
"Foreigners attracted to real estate bargains get turned off when prices increase," said Jed Kolko, Trulia's Chief Economist. "Investors want to buy when prices are at their bottom, but they'll start to lose interest when prices rise 15 percent, as they have in and . Demand by people looking to scoop up bargains can dry up quickly when prices rise."
"Although Europe's financial troubles have been a global economic threat, the Eurozone crisis had a silver lining for U.S. housing in 2011 as Europeans looked to American real estate as a safer investment," said Jed Kolko, Trulia's Chief Economist. "Last year, the share of searches from Greece, Spain and Italy increased, bucking the international trend. Now, however, the foreign search share is declining even from those Eurozone crisis countries."
To view an interactive data visualization illustrating the top five U.S. metros where international house hunters are searching, click .
gives home buyers, sellers, owners and renters the inside scoop on professionals. Trulia has unique info on the areas people want to live that can't be found anywhere else: users can learn about agents, neighborhoods, schools, and even ask the . use Trulia to connect with millions of transaction-ready buyers and sellers each month via our hyper local advertising services, social recommendations and . Trulia is headquartered in downtown San Francisco and is backed by and . Trulia is a registered trademark of Trulia, Inc.
Daisy Kong
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Datum: 24.07.2012 - 06:00 Uhr
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News-ID 1135738
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