Foreign Buying of U.S. Homes Suffers Record Drop

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Foreign Buying of U.S. Homes Suffers Record Drop
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Foreign purchases of U.S. homes have dropped by half over the past two years, data show, hitting markets in New York City, Miami and California

Foreign purchases of U.S. homes have dropped by half over the last two years, a fresh blow to the top end of the market in New York City, Miami and cities in California.

Foreigners bought less than $78 billion worth of U.S. residential real estate in the year that ended in March—a 36% decline from $121 billion the previous year, according to a report released Wednesday by the National Association of Realtors.

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