Associated Press - November 20, 2009 5:55 PM ET

Canadian investor Arthur Wong is buying condos in Las Vegas and Phoenix like a shopper at Costco: In bulk, with slashed prices.

While foreign real estate investment in the first six months of 2009 was lower than last year's level, real estate agents from New York to Las Vegas say purchases have increased rapidly in recent months.

Foreign investors have long been attracted to U.S. residential real estate, drawn by the market's stability compared with other countries. But the dollar's descent in the past six months has made makes homes even cheaper for foreigners, and prices are showing signs of stability.

The National Association of Realtors reports international investors bought 154,000 homes and condos in the 12-month period ending in May, down nearly 10 percent from 170,000 for the same period a year earlier.

But since June, the dollar has tumbled by 9 to 11 percent against currencies like the Japanese yen, the European euro and the Canadian dollar. The Brazilian real has gained 17 percent against the dollar in the past six months.

Florida leads the country in the amount of international buyers, accounting for nearly a quarter of foreign purchases. The Sunshine State was followed by three gateway states with warm climates - California, Texas, and Arizona.

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