A residential property in US

Falling home prices may be plaguing the US economy, but they are candy to foreign investors, who already have a weak dollar on their side.

Buyers from overseas spent roughly $41 billion on US residential real estate last year, a bump up from the previous year. US real estate agents report a surge this Spring especially, as foreign buyers see continued pressure on home prices and ample bargains.

“I don’t think they’re so concerned about the prices dropping as they are about getting value for their money,” says Rick Ambrose, a Coldwell Banker agent in Lake Mohawk, NJ.

Ambrose and his colleague Mary Pat Spekhardt recently hosted two groups of Japanese investors searching for homes on the scenic lake just about an hour outside of New York City.

“They can work here, be close to the city, be close to their corporations and still feel like they’re on vacation. I think that’s really what grabbed everybody. That’s what got them,” says Spekhardt.

The group of about 35 from Japan also toured properties in Las Vegas and Los Angeles, which are more popular choices among foreign investors.

A new survey by Trulia.com that tracks searches from potential foreign buyers found LA ranked number one in potential interest traffic, trailed by New York City, Cape Coral, Fl, Fort Lauderdale, FL and Las Vegas.

The greatest interest is from buyers in the UK, Canada and Australia. “Prices now in the US are generally 30-40 percent off from the peak.

In addition, the weakness of the dollar gives the Japanese an advantage, as it does the Europeans, of another 20-25 percent off, so they’re seeing real bargains and opportunities,” notes Ambrose.