Foreign Buyers Scoop Up Texas Residential Property

Foreign Buyers Scoop Up Texas Residential Property

August 30, 2018
When it comes to homeowners seeking out mortgage insurance to help cover the costs of their residential purchases, the product has its greatest usage in Texas
International homebuyers in pursuit of Texas real estate market pumped $10.89 billion to the Lone Star State economy between April 2017 to March 2018, according to the Texas International Homebuyers Report released by the Texas Association of Realtors.
Among the states for international home sales volume, Texas ranked third behind Florida and California and accounted for 9 percent of all U.S. property purchased by foreign buyers during that period with 24,012 home sales out of 266,800 nationwide. Thirty-eight percent of foreign homebuyers who purchased in Texas came from Mexico, followed by homebuyers from China (7 percent), India (6 percent), the United Kingdom (5 percent) and Canada (3 percent).
"International home sales activity continues to be one of the strongest sectors in Texas real estate, spurring strong growth in the Texas economy," said Kaki Lybbert, chairman of the Texas Association of Realtors. "Despite the slight drop in international homebuyers compared to the previous period, Texas remains an international hub and top destination for people from across the world to live, work and conduct business."