While interest from investors has dropped off due to the rise of interest rates and home prices, Canadian buyers are still on the hunt for homes, reports the San Jose Mercury News.

In particular, California's Bay Area has seen an influx of investor interest, according to the California Association of Realtors Global Real Estate Forum. The association highlighted other states targeted by foreign investors, which include Florida, California, Texas and Arizona.

Additionally, the majority of U.S.-focused foreign buyers hail from Canada, China, India, Mexico and the U.K.

According to statistics provided by Sateesh Lele, vice chair of the California Association of Realtors Global Real Estate Forum, between April 2012 and March 2013, the total volume of international deals was $68.2 billion.

This was slightly lower than the $82.4 billion total from the preceding year, but it still accounted for more than 6 per cent of total nationwide sales of existing homes.

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