Bad news at a time when the Western banks that fund a lot of foreign debt are still reeling from the 2008 financial crisis.

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But as the European debt crisis continues to escalates, will this slow down foreign investment in U.S. real estate?

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Indeed, the fact that Russia has continued to grow at all while its major foreign trading partner, the European Union, has been wracked by a crippling debt crisis is a surprise on the upside.

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