Foreign Buyers Drive Florida's Housing Recovery

Foreigners are driving the housing recovery in Florida
Gated community viewed from the air over South Florida Photograph by Gary D Ercole/Getty Images

Nicole Kenaston’s dreams of owning a home in Miami keep getting dashed. The 32-year-old federal government worker says she’s bid on at least five houses in the past three years and each time lost out to an overseas buyer paying cash. “I’ll find a place I like and can get financing for, and the all-cash buyers will come in and pay above market for it,” says Kenaston. “It’s heartbreaking.”

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