Posted on 07/17/2019 10:03:55 AM PDT by BeauBo
The dollar volume of homes purchased by foreigners from April 2018 through March 2019 dropped 36% from the previous year, according to the National Association of Realtors... The Chinese were the leading buyers for the seventh consecutive year, purchasing an estimated $13.4 billion worth of residential property. Yet that was a 56% decline from the previous 12 months and comparatively the biggest percentage drop of all foreign buyers... Southern California had been particularly popular with Chinese parents hoping to send their children to American colleges.
(Excerpt) Read more at cnbc.com ...
This will recreate the last housing crash. And the timing is similar to before the 2008 election.
nailed it!
Guess we won’t be wishing them Happy Konica anymore!
San Francisco Bay Area is the #1 location for Chinese to buy real estate.
Its been going on for at least 40 years.
Most buy up homes for rental property and long term investment.
Only if the crooks in Washington start making their crook banking buddies give mortgages to people who can’t afford them again!
Flee or Free?..................
That and having their money in the US is safer, even if the housing market corrects, than it would be leaving it in China.
Japanese say Free for Flee.
Chinese say Flee for Free.
” Chinese were the leading buyers for the seventh consecutive year, purchasing an estimated $13.4 billion worth of residential property”
I just don’t think that 13.4 billion seems like a lot of dough in the housing market. Perhaps it will create local problems in places like CA or maybe a few other places but I doubt it.
I would think that cyber warfare world be the big thing for China. Financial systems, electrical grid, election machines. Then there is always Chines involvement with illegal immigrants and illicit drugs. But China will play all its cards in 2020.
Perhaps the Chinese - which own a majority of US debt - know that they will be calling it due very soon.
When that day happens - property in California will be like property in Detroit. Where you can buy a house on your credit card.
Chinese are only allowed to take out of the country, a max of $50,000 per year.
Markets in flyover country, such as Pittsburgh, Columbus and Kansas City, have less to worry about.
Sign in Pet Shop Window:
Buy one get one flea!..................
Considering a Chinese input into a bubble in California and coastal Canada there would be a bust.
“Currency controls put on by the communists, stopped a lot of Chinese from getting their money out of China.”
That’s exactly what has stopped the flood of Chinese money that has driven Southern California housing prices to bubble levels.
Prices are far above what normal loans can support. Place your bets on when the SoCal bubble pops and how far prices will drop.
Dang, I just love Trump! More winning.
Lemme know when that happens, cuz I want to be the worst neighbor Cher ever had!
Average old tract house now over $2,000,000 in most neighborhoods, over 1 million in essentially all areas of San Fransicko. — way beyond most working Americans’ ability to buy. Way beyond. Meanwhile, the californication legislature is moving a bill to open up college parking lots to become homeless camps - which will be convenient for the “csmpers” to access the restrooms swim pools gymnasia showers lockers health care and free food giveaways etc on campuses. Plus train station parking lots are starting to be examined for similar occupation by the “homeless”. Tract houses in nicer neighborhoods are pushing 3 and 4 million dollars a pop. Realtors advise that between a third and half of sales are all cash even at these astronomical prices. Almost all to communist Chinese
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.