There was a huge decline in foreign investment in U.S. real estate during the 12 months ending with the first quarter of 2019. The National Association of Realtors® (NAR) said the reduction was evident in both the purchases of resident (i.e. recent immigrants) and non-resident foreign buyers and explained the drop as the result of slowing global economics and low U.S. housing inventories. NAR's annual Profile of International Transactions in U.S. Residential Real Estate shows that international buyers bought $77.9 billion worth of U.S. existing homes between April 1, 2018 and March 31, 2019. This is a 36 percent decrease from the 2018 report's survey's $121 billion in spending. Non-resident foreign buyers accounted for $33.2 billion of U.S. existing-home sales, a 37 percent decline from the prior level of $53 billion and residents purchased $44.7 billion, down 34 percent from the $67.9 billion previous level. Global economic growth, which increased in 2016 to 2017, slowed to 3.6% in 2018 and is on pace to taper to 3.3% this year.