America's High Mortgage Rates Aren't Deterring Foreign Buyers

While many Americans have dropped out of the housing market in recent months, with sales falling year-over-year in six out of the past eight months, the number of foreign buyers snatching homes in the U.S. has risen despite growing economic concerns and historically high mortgage rates.

Sales of existing homes to foreigners hit $56 billion in the year through March 2025, according to the National Association of Realtors (NAR), up by a third compared to a year earlier. Meanwhile, this spring the U.S. housing market reported its worst-selling season in over a decade among domestic buyers.

The two things, experts say, may be connected, as foreign investors take advantage of the vacuum left by struggling American homebuyers...