South Florida housing on the right track

Record foreign investment in Florida housing over the last three years is boosting property-tax revenue in the localities hardest hit by the recession.

In the 10 Florida counties that have had the largest influx of international cash since 2010, property-tax assessments have risen by an average of 4.1 percent this year, according to state records. That’s nearly twice as fast as the rest of the state.

Foreign investment in Florida residential property has been rising since the end of the recession, according to a March report by the Washington-based National Association of Realtors. Buyers from overseas have purchased more than 250,000 properties in Florida since 2009, spending more than $50 billion, the Realtors’ data show. Buyers from abroad are purchasing property as vacation homes and to rent.

The purchases are helping localities in south and central Florida recover from the 18-month recession, which ended in June 2009 and left the state with the second-highest foreclosure rate, behind Nevada, depressing prices and tax revenue.

source: bloomberg.com

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