The number of overseas investors searching for homes in the U.S. has skyrocketed 192 percent in the last year, according to recent statistics.
With repossessions continuing at an alarming rate in U.S., these numbers are no surprise. Major banks in the country had to write off of 8 billion USD in home loans in the first three months of this year alone. At this rate, the year-end totals could trump last year’s astounding 31 billion USD lost in foreclosures.
Expert say overseas investors should rejoice in knowing that these repossessions won't be slowing down in the near future. Banks were sitting on faulty loans last year, trying to ease the number of defaults and stall foreclosures with the help of government incentives. Now that the pipeline of homes needing to go into foreclosure has backed up, investors can sweep in and buy homes at half their worth.
Read this news article on Buyassociation.co.uk.
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