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Foreign Money Boosting Central Florida

Surge in International Home Buyers And Travelers Strengthen Soft Local Economy

Monday, August 11, 2008 – updated: 3:32 pm EDT August 11, 2008

They want to see Epcot. They want to experience Cocoa Beach. And, they know they're money will go farther here than in other countries. International tourists are swarming to Central Florida. And not a moment too soon.

Two separate economic reports Monday show international business is surging in the Orlando-area, even as the region struggles amid the nationwide financial slowdown.

The first study, released this week by the National Association of Realtors, estimates 190,000 American homes were sold to foreign nationals in the past year. The group said Florida homes were the most popular among those buyers. VIDEO: Scott MacFarlane Interviews Lawrence Yun, Nat'l Assoc. of Realtors

This news is a welcome relief from the torrent of negative news about Florida's housing market. The National Association of Realtors study said, "the typical international buyer purchased a home costing $297,400." 40 percent of international buyers paid for U.S. homes in cash. Only 7 percent of American customers paid in cash. VIDEO: Scott MacFarlane Interviews Lawrence Yun, Nat'l Assoc. of Realtors - PART II

Also Monday, the U.S. Secretary of Commerce reported international tourism surged in the U.S. in 2008. According to the Secretary Carlos Gutierrez's report, "4.3 million international visitors traveled to the United States in May 2008, an increase of 14 percent over May 2007. International visitors spent a record $11.8 billion during the month, an increase of 21 percent from May 2007, and $57.4 billion for the year, up 22 percent."

Gutierrez said many of those international travelers flocked to Florida, because of its wide variety of vacation options. He said foreign nationals are also attracted by the weak U.S. dollar. This uptick in international travelers could help Orlando-area tourist attractions recover from any falloff caused by rising gas prices. VIDEO: U.S. Commerce Secretary Describes Efforts to Draw More International Tourists

The Bush Administration recently took steps to encourage more Chinese citizens to travel to U.S. tourist destinations. VIDEO: U.S. Commerce Secretary Talks About Surge in Chinese Tourism to U.S.