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Audi R10 Race Car Joins Festivals of Speed Supercar Event - World's Finest Cars, Motorcycles, Aircraft and Boats on Display
A fabulous collection of exotic cars, motorcycles and watercraft is set for display at the Vinoy Park in St. Petersburg. The Festivals of Speed takes place over two days, Friday, March 23rd and Saturday, March 24th. Friday evening will see a "Jet Port Reception" and Saturday will feature a display of 150+ exotic automobiles, motorcycles and watercraft displayed throughout beautiful Vinoy park. The charity is the Children's Dream Fund.
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Women Have a New Hero: Man in the Outback Claims Open Season on Men
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Foreign Buyers Help Stop Mortgage Foreclosure Rush
Economic news around the country has certainly appeared to be dim in the last few months. As if the housing crisis was not enough, now it appears that the country is in the midst of a recession. The dollar has weakened and many consumers find themselves wondering whether relief is in sight. Quite surprisingly, these problems may actually provide some encouragement for foreign investors to rally the housing market. These foreign investors may help stop foreclosures around the country.
One of the may reasons homeowners are finding it hard to sell their houses is the fact that many prospective purchasers currently cannot afford the high prices or they fail to qualify for a mortgage. In these cases, would-be buyers have had few options but to carry on renting and wait for the housing market to stabilize before going trying to buy a home. Some home sellers are finding qualified interested buyers at a suprising source. In today's market, homesellers are just as likely to discover eager purchasers from overseas as they are from down the street.
Expert wisdom is speculating that investment from Europeans is highly likely to increase in the coming year. Many foreign investors has seen the value in buying houses in the U.S. Prices have come down which is making them far more attractive. In addition, the weak dollar and strong euro has provided an even greater deal for those earning in euros. These foreign first time buyers are poised to replace the local first-time buyers before they were pushed out of the housing market as a result of the recent boom and crash.
If this foreign investment continues, it could provide assistance to homeowners who need to upgrade to larger homes or who need help avoiding foreclosure.
Brokers are reporting that inquiries from foreign investors are definitely on the rise. Compared to the number of inquiries that were received just a year ago, many brokers are seeing an increase of as much as five times the amount witnessed just a year ago.
A foreign buyer who invests in a home today would need far less money in terms of euros to make a substantial down payment on a home as a result of the weakening dollar. In fact, foreign buyers today could make what is essentially a $50,000 down payment for little more than 34,000 euros today. A year ago that same buyer would have needed nearly 38,000 euros in order to offer the same amount for a down payment. Quite simply, foreign buyers are able to buy homes in the U.S. for less of an investment than American buyers.
The good exchange rate has definitely provided help in increased spending power in many areas. In certain areas, like Chicago and New York, the demand has noticeably increased. In some cases, the demand has incresed so much that it is actually starting to outpace supply. Florida and California are proving to be popular with foreign investors. The latter two markets, which have been the hardest hit by the recent crash, are embracing the foreclosure relief with open arms. Florida, specifically, is still limping along because of the condo market crash.
Agents and sellers have attached themselves to the idea that that best place to look for interested and qualified buyers is overseas. As a result, many properties are now being specifically targeted at foreign buyers. High-end luxury homes that have been languishing on the market for months are some of the first to be offered to foreign buyers.
The Internet has proven to be a successful marketing tool in the past and today agents and sellers have discovered it is often the easiest way to reach foreign buyers. Compared to other advertising mediums it is often far less expensive and allows them to reach a broader audience. When marketing properties toward foreign buyers, this can be particularly important.
Foreign buyers may not be the complete salvation that homeowners and real estate agents need to fully recover from the housing crash, however, they are are definitely offering a bit of welcome relief in many markets and may help stop foreclosure for many homeowners.
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