BOSTON ( TheStreet) -- Wealthy foreigners from around the globe are taking advantage of America's housing bust to snap up U.S. properties at cut-rate prices -- helping the market rebound in the process."We've seen
Foreigners and recent immigrants account for 7% of all Arizona home purchases, with Canadian vacation- and retirement-home buyers leading the way. "We see Canadians come here just to get away from the cold weather," says Jodi Kevern of Arizona Focus Realty, which specializes in working with buyers from the Great White North. Kevern says buyers from Canada's western provinces flock to Arizona because the state has a mild climate, lower prices than the West Coast and a location just 2.5 hours from Alberta by plane. She considers the Canadians a godsend for the Grand Canyon State -- and for her own neighborhood, where they've turned several run-down, foreclosed properties into well-maintained vacation homes. "The houses may be still vacant for much of the year, but at least they're taken care of instead of having weeds 5 feet high," Kevern says. "It's boosting all of our property values."
Foreign and new-immigrant buyers are buying 7% of all Texas properties sold. "What we're seeing is a very different kind of Mexican
Property buyers from Australia, China, South Korea, Japan and India are streaming into California, where foreigners account for 11% of all home sales. "
Foreign buyers and recent immigrants account for 26% of all Sunshine State home sales -- the largest proportion for any state. Matey Veissi of Miami's Veissi & Associates says most foreign buyers hail from Latin America or Europe, drawn by Florida's nice climate and close proximity to their homelands, plus America's economic stability. "Buying a piece of Florida real estate is like opening a savings account for