Foreigners Pump up Home Prices in U.S.

Purchases by foreigners accounted for 10% of U.S. existing-home sales by dollar volume in the year ended in March, up from 8% in 2016.  Foreign buyers are disproportionately concentrated in a handful of states, with Florida, Texas and California together making up 46% of foreign buying activity.  Foreign buyers tend to purchase more expensive homes than their local counterparts.  The median price for a home purchased by a foreigner was more than $300,000, compared with roughly $235,000 for all existing homes sold in the U.S.