Tampa, Florida, December 17, 2007 Online property auction site FastHomesolutions.com is reporting a record number of foreign investors visiting its web site in search of real estate bargains, especially in the Sunbelt area of the United States. The current weakness of the dollar against foreign currencies is a key contributor to the trend, which works to the advantage of lenders anxious to sell their REO (real estate owned) inventories of defaulted properties to foreign investors.
Its a huge opportunity for REO asset managers, said Jim Case, CEO of Fast Home Solutions, which recently launched its online property auction website at www.FastHomesolutions.com. Were seeing investors from all over, especially France, Germany and Belgium, as well as from the United Kingdom, Canada and Australia. They are eager to buy U.S. homes, villas, properties now, while their own currencies are strong against our dollar.
The British pound is particularly strong, currently trading at over two to one against the dollar. This trend means that private investors and investment groups are highly motivated to buy, Case said. There will be more millionaires coming out of this...
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