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Most Canadians Want to Buy a Bank Owned Property in Florida

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By : John Cutts    99 or more times read
Florida has become a popular destination for those who want to buy a bank owned property. According to the latest housing data, foreign buyers all the way from Germany and England have arrived in the state to seek great property deals. Majority of these foreign buyers, reports have revealed, came from the U.S. neighboring nation of Canada.

Cape Coral foreclosures, FL and distressed properties, mostly from the region of Southwest Florida, have become hot commodities among foreign property purchasers. Realtors have reported that these buyers find the state a good place to buy a home due to its weather and the bargain prices of properties it has on offer.

Real property agents and brokers have welcomed these foreign buyers with open arms, stating that their interest in Florida foreclosure home listings can help the state's housing market recover. They claim that most of the buyers coming from outside the U.S. pay in cash and majority are financially stable, making them ideal customers to agents and brokers working in real estate.

Housing market experts have also stated that foreigners who wish to buy a bank owned property in the state is a good bet since they will not suffer from foreclosure due to job loss. They further stated that local buyers' capabilities to pay often depend on the condition of the U.S. economy, a worry that foreign purchasers do not share.

As of August 2010, a total of 90,000 foreign buyers were able to find foreclosed property and existing housing deals in the state. For the complete 12-month period, foreign home buyers are estimated to have accounted for 22% of total existing residential property sales in the whole state of Florida.

Industry statistics showed that Canadians are the most eager foreign buyers of properties in the region with an estimated 36% of total foreign home-buying accounted for by Canadians. Western Europeans, on the other hand, accounted for an estimated 29% of foreign residential buyers.

Aside from helping stabilize Florida's housing market by wanting to buy a bank owned property, Canadians are also said to account for a huge percentage of the state's tourism population. Realtors have reported that Canadian property buyers and tourists seem to enjoy Florida's warm weather.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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