Bill Would Reward Foreign Buyers of U.S. Homes

Washington, DC, Oct. 21, 2011 -- A new Senate bill designed to boost the real-estate market would grant a U.S. visa to international investors who agree to purchase at least $500,000 in residential real estate in the U.S.

The legislation, co-sponsored by Charles Schumer (D-N.Y.) and Mike Lee (R.-Utah) could add to strong trend in homebuying by international purchasers

Foreigners spent $82 billion buying U.S. homes in the 12 months ending in March, up 24% from a year earlier, according to the National Association of Realtors. That's 8% of total U.S. sales.

In some areas like South Florida, international buyers already account for 25% of purchases.