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Updated about 13 years ago,
The US is cheap! (relatively speaking)
Check out this global map showing price per square foot home costs in cities through out the world. The US is a screaming bargain, even compared to the PIGS with their failing economies.
http://blogs.wsj.com/developments/2011/09/26/for-cheap-homes-dont-think-globally/
International money can't help but continue to invest in US RE.