Canadians, Chinese, and Mexicans are flocking to U.S. real estate in droves. They’re looking for bargains on vacation homes.
Foreign purchases of homes in the U.S. have surged 24 percent since 2011, according to the National Association of REALTORS®.
“Foreigners purchase for a variety of reasons: trophy homes, desire to put money in the U.S. for safety, desire to have a place to visit for vacation, desire for a rental unit,” Jed Smith, an NAR economist, told NBC News. “These factors … tend to dampen the effects of changes in total overall cost.”