By Julie Haviv NEW YORK (Reuters) - Foreign investors, who rapaciously scooped up U.S. real estate during the 2007-2009 recession, are backing away from the same markets they so eagerly jumped into a few years ago. Real estate brokers say demand from international investors has flagged in locations that have been most attractive to overseas buyers - markets such as San Francisco, Phoenix, Las Vegas and Miami. Many of those markets are back on solid footing after stumbling during the housing crisis. Property prices have risen, while the dollar - against the Indian rupee in particular, and to a lesser...
Good riddance...please let this precipitate the next bursting of a bubble (says the prospective buyer).
I don't understand why so many investors have been overpaying over the past 2 years. I thought investors paid cash well under market value. If they couldn't they said "fuck it some sucker will overpay for this shit hole and I'll keep looking.
suddenly higher prices are scary?
because interest rates are going up, mortgages cut off, and the fake market will die. Welcome back to reality california.
I hope you are right. Asset prices have gotten way out of whack with reality.