Over the years, I have provided updates on the importance of foreign buyers to Arizona and the U.S. But for several years now, participation in the global residential marketplace has been waning. In the U.S., purchases of homes by foreign buyers has been declining steadily, dropping 46% between April 2017 and March of 2020. And the pandemic has only accelerated that trend due to travel restrictions. European buyers have virtually disappeared and Asian purchasers appear to also be losing confidence in North American homes. The result is that the share of international buyers in the U.S. is around 4%. Who are still buying? China, Canada, Mexico, India, and Colombia – new to the list due to its recent political and economic instability caused by its socialist policies.

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