On Wednesday, Zillow will release data on the effects international buyers have on the higher end of the housing market. A related report said foreign born homebuyers helped the housing industry bounce back from recession, but the latest report from Zillow says international buyers specifically flock to high end markets.
In a related report in “Home in America: Immigrants and Housing Demand” foreign-born homebuyers helped the housing industry bounce back from recession by stabilizing and strengthening it.
Stockton Williams, Executive Director for the Terwilliger Center for Housing said "Immigrants' housing purchasing power and preferences are significant economic assets for metropolitan regions across the country. This suggests the potential for much more growth attributable to foreign-born residents in the years ahead.”
In the past, immigrant homeownership rates rose in line with their tenure in the U.S.
“In San Francisco, Houston, and Buffalo, the homeownership rate among immigrants who have been in the country since at least 2006 is similar to the rate for the native-born population,” the report found. “Immigrants, therefore, will be a key source of demand for homeownership in the years to come.”
Zillow’s report could give insight and update on what specifically is happening concerning immigrants in the housing market.
Zillow’s report will release Wednesday, May 31st.
This Week’s Schedule:
Case-Shiller U.S. Home Prices, Tuesday 9 a.m. EST
Pending Home Sales Index Report, Wednesday 10 a.m. EST
Beige Book, Wednesday 2 p.m. EST
Zillow: Paint Colors That Help Sell a Home for More Money, Thursday
Freddie Mac Weekly Mortgage Survey, Thursday, 10 a.m. EST