Florida Professor Lends Insight Regarding Housing Crisis
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June 7, 2012
Northwood Florida economic professor George Stamas recently commented to NBC television producer Matthew Harris, that he saw increased sales to international buyers a positive short term trend.
The topsy turvy forecast for Florida's housing market offers foreign investors the rare opportunity to capitalize on flat or declining real estate prices while their own currencies are rising in comparison to the United States dollar, and south Florida homeowners seem to see the value in that. "I think at the moment, international investors are helping to stabilize the market," Stamas said. "So if you own a home, you appreciate the foreign investor."
Current conditions are especially attractive to investors who have seen prices rise sharply in their native countries to levels that now well exceed comparable properties in Florida.
As housing prices peaked in early 2006, and started to decline in 2006 and 2007, increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime and foreign bank markets. The crisis reached new lows in 2012.
Despite opportunities, foreign investors should ensure they do due diligence reminds Harris. "Buying a bargain is not that simple. Real estate agents must guide foreign buyers through a complex maze of visas, real estate regulations and currency rules," he cautions.
Those interested can view the full WPTV NBC story at: Click Here