With property prices in many US cities currently standing at historic lows, a growing number of wealthy Americans are looking to take advantage of residential real estate in the country.
The long-term forecast for the market is looking more positive, however. Economic fundamentals are starting to pick up and interest rates still remain favourable. As such more investors are looking to put their cash to work by investing in homes.
According to the S and P/Case-Shiller composite index of 20 metropolitan areas, prices for single family US homes fell by 3.1 per cent in January over the previous year, marking the seventh straight month of declines.
Indeed, another index from the Bank of Montreal highlights just how far prices have fallen since the peak of the market four years ago. Prices are down 44 per cent in Tampa, 54 per cent in Phoenix, 57 per cent in Las Vegas and 49 per cent in Miami, the bank said.
As such a number of advisors have warned that full recovery could be some years off, but see plenty of deals for people with a long-term investment outlook.