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Florida a hot market for international home buyers

Miami real estate is sought after by international home  buyers.

Miami real estate is sought after by international home buyers.

The majority of international home buyers interested in snapping up property in the U.S. are considering a move to Florida, according to data compiled by Trulia.

Based on search volume on the Trulia website, 10 of the top 24 cities most viewed by global house hunters are in Florida. The most popular Sunshine State city among browsers is Cape Coral, followed by Miami, Fort Lauderdale and Naples.

While the Trulia numbers do not reflect closed sales, international buyers are taking the plunge. According to a Trulia website post on the phenomenon, international home buyers spent $41 billion purchasing U.S. property last year, with $13 billion concentrated in the affordable Florida market. Trulia states that Florida listings on their site were slashed by $3 billion over the course of the last year, and notes that a similar situation has developed in Arizona.

Perhaps not coincidentally, Phoenix (+10.9 percent) and Miami (+10.2 percent) were the top two of only five metro areas where May 2011 home sales volumes were greater than in May 2010, according to the RE/MAX May 2011 National Housing Report.