Peruvians Are Fueling the Bubble in Miami

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"Indeed, developers are going all-out to charm their clients, and more and more those clients include the world's wealthy elite from such countries as Argentina, Mexico, Australia, and Germany. These foreign buyers, in fact, are one of the important reasons the housing bubble continues to grow in hot markets like Miami, New York, and Las Vegas. In many cases, they're taking advantage of the strong euro or trying to get their money into a dollar-denominated hiding place.

The result: In Miami, for one, some condo buildings have as much as two-thirds of their units owned by foreigners. Call it America for Sale.

"No question, foreigners are part of the bubble," says Stephen Wayner, first vice president at Bayview Financial Exchange Services LLC in Miami."