While American buyers may have lost an incentive, there may still be reason for construction equipment users to feel better about the market.
According to the National Association of Realtors, the period of April 1, 2009, to March 31, 2010, saw international home buyers purchase $66 billion worth of residential property in the U.S., which made up 7 percent of the market during that time. Furthermore, 28 percent of agents said they had worked with a foreign client, up from the 23 percent who said so in 2009.
"While all real estate in the U.S. is local, the same is not true for property owners," NAR President Vicki Cox Golder said. "The U.S. continues to be a top destination for international buyers from all over the world."
The housing market saw some increases from U.S. buyers through a tax credit that offered first-time purchasers as much at $8,000. Those who were looking to move out of their current home may have qualified for as much as $6,500 for buying a new primary residence.
However, the credit came to an end on April 30, which led to a decline in interest from consumers.
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