Industry News

Second-home buyers head for the border

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Editor's note: Foreign home buyers are playing a significant role in some U.S. markets, and U.S. buyers are showing a growing interest in international markets. Florida is just one example of growing globalization in the real estate industry. In this three-part series, Inman News examines the habits of international real estate buyers and the close ties between cross-border buyers and luxury markets. (See Part 1 and Part 3.) Buying a second home is increasingly a matter of adopting a second country. About 4.1 million Americans reside in other countries, according to the Association of Americans Resident Overseas, with about 1 million living in Mexico and 688,000 living in Canada. If all of these residents living abroad were placed in one U.S. state, it would be the 25th most populous state in the country, the association reported. The statistics don't include travelers who are visiting briefly and who don't secure visas, and don't include members of the U.S. military. "What we've...