The combination of declines in dollar value and home prices is making U.S. homes very affordable for some foreign buyers, according to a Capital Economics report released Thursday. However, foreign demand is not likely to bring recovery to the American housing market in the near future, according to the report. The 33-percent decline in housing values since the beginning of 2006 translates to an even greater decline when the dollar value is compared with some foreign currencies, such as the Chinese renminbi, Canadian dollars, and the euro.
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