Foreigners are buying fewer homes in Manhattan

Foreign purchases of U.S homes have fallen by more than a third in the past year, stinging the city's high-end apartment market. Foreigners purchased about $78 billion worth of residential real estate throughout the country between April 2018 and March 2019, according to a report released Wednesday by the National Association of Realtors. That marks a 36% decline from the $121 billion over the same period a year earlier. It is the lower overall spending since 2013. “The magnitude of the decline is quite striking, implying less confidence in owning a property in the U.S.,” announced Lawrence Yun, the realtors association’s chief economist.