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Foreign Investors Dominate in South Florida
The spectacular meltdown of the region's once white-hot housing scene has caught the attention of global buyers who may have once considered U.S. real estate out of reach.
A weak dollar is also giving them an edge. In many areas, residential real estate is selling for 50 percent less -- and even lower -- compared to peak prices. On Friday, the euro closed at $1.473, a penny away from a 14-month high against the dollar.
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Best Cities For A Housing Recovery
Increased transactions and relatively low foreclosure resales spell good news for these markets. The stock market is up 50% from its lows in March, and consumer spending increased in May, June and July. But when will housing turn around?
Even the wisest can't answer that, and experts caution against putting too much hope in rising home prices given the country's unemployment situation and high rate of mortgage defaults. But key measures indicate that some metros are more on their way to recovery than others.
Take Miami...
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Fed May Signal U.S. Economic Recovery Has Started
Sept. 23 (Bloomberg) -- Federal Reserve officials may signal that the U.S. economy has started to recover while maintaining their pledge to keep the benchmark interest rate near a record low for an “extended period.”
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