As the housing market continues to pick up steam nationwide, one group of potential buyers has been noticeably absent.
According to senior economist Frank Nothaft of CoreLogic, the number of foreign buyers has plummeted recently, thanks in large part to the strengthening of the dollar.
Nothaft also pointed out, however, that exchange rates fluctuate on a daily basis, making it difficult to project what we should expect from foreign buyers over the next year or so. Especially with the current debt crisis in Greece, it’s nearly impossible to tell whether foreign buying will continue to decline, level off or increase.
“The uncertainties surrounding how the Eurozone will resolve the debt crisis in Greece has made it more difficult to project foreign currency movements,” he said.
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