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Australians swoop in on U.S. foreclosures

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posted on Feb, 22 2011 @ 12:10 PM
I thought we were humans,but it seems that we are vultures...

It's all about natural resources. It's not just the hurting American economy that makes these deals so sweet. It's largely the complex interplay of the global economy.

"'Our business is exploding," said Reedy, who buys foreclosed properties every day, literally right off the Memphis courthouse steps. He said the recent drop in foreclosures due to the robo-signing mess has crimped sales, but that he expects foreclosures to pick right back up again early next year.
Before this year, he said most people looking to buy these homes were Americans, sometimes referred to as vulture investors. But now, about 30% of his clients are from overseas -- many from Australia, New Zealand and Singapore, and also some wealthy Europeans.

This is happening in other parts of the country as well.
In Phoenix, where real estate prices are off 50% from their peak in 2002, broker and property manager Tanya Marchiol said she has helped Australians buy 16 properties in the last six weeks.
"It's crazy," she said. "They're scooping up tons of stuff." She also says she seen lots of interest from people in Canada, another place where the economy is heavily pegged to commodities.

Sometimes the process involves evicting the occupants of the foreclosed homes. Some criticize this harsh reality as taking advantage of other people's misfortune. They argue it opens the market for foreclosed properties, giving banks an incentive to foreclose and not work with the homeowner.

posted on Feb, 22 2011 @ 12:16 PM
My stance is - if americans cannot purchase or own property in "their" country..they should NOT be allowed to buy up property here. If one isn't a citizen of the united states they shouldn't be able to do diddlysquat here.

posted on Feb, 22 2011 @ 12:32 PM
The joys of free trade in a capitalist market.
It's not like international property investors have not been doing the same thing in Oz when the AUD was considerably lower. I see nothing wrong with this at all.
Seems it's alright as long as U.S citizens can make a buck out of it but when the shoes on the other foot things don't look as perty.

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