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U.S. housing market receiving much international attention

European buyers are taking advantage of falling prices in the U.S. housing market.

European buyers are taking advantage of falling prices in the U.S. housing market.

Large numbers of Europeans are buying U.S. property either to relocate here or for investment purposes, according to a RealtyPartner study released today.

While acknowledging a statistic that Canadian and Chinese citizens account for the majority of international homebuyers in the U.S., RealtyPartner singled out Spanish, French and Italians among European buyers taking advantage of the current low list prices of U.S. residential property.

Overall, RealtyPartner said foreign buyers have spent $16 billion in the American real estate market, with a majority of homes being paid for in cash.

This number is only $3 billion greater than the figure of $13 billion that real estate company Trulia recently said was the amount spent over the last 12 months by Europeans, Canadians and Brazilians buying property in Florida alone.

A National Association of Realtors report issued earlier this week showed that home prices have fallen significantly in some Florida markets popular with international buyers, like Tampa, but have gone up in others, such as Cape Coral. Nationally, home prices continue to trend down and on average are lower than this time last year, according to the NAR.