Foreigners bought $18.7 billion worth of houses in Texas in 12 months

Dallas News ^

[ameribbean expat]

International buyers purchased 34,135 Texas homes during the year that ended with the first quarter, according to a new report by the Texas Association of Realtors.

Offshore home buys in the Lone Star State added up to almost $18.7 billion during the 12-month period, according to a new Realtors report.

[ameribbean expat]

Does not include refugees from California.

[Fireone]

A plot to change the legislative landscape?

[2ndDivisionVet]

How? They’d all have to go through the process of becoming American citizens, which takes years. Everything is not a conspiracy.

[RummyChick]

That is a scary thought

[txhurl]

This is a big problem.... false inflation that will raise everyone’s appraisal and get them treating their homes like ATMs again.

[2ndDivisionVet]

As a 100% disabled veteran I don’t pay property taxes, thank goodness.

[deport]

[lodi90]

Same here in Florida. Another bubble inflating, IMO.

[Ancesthntr]

“A plot to change the legislative landscape?”

---

Not quite. In my experience, in the San Antonio area, most of the buying by foreigners is coming from Mexicans who are in the upper middle or upper classes. In my opinion they are seeking to preserve a lot of capital, at a minimum, or to have a place to run to if and when Mexico goes the way of Venezuela. This is about having options, not some plot. Sometimes, the simplest explanation suffices.

[Dawgreg]

Good for you. You deserve it my FRiend........and thank you for your service.

[lodi90]

That’s our money being repatriated.

[deport]

There were 34,135 international home sales in Texas between April 2016 and March 2017,
a 59 percent increase from the same time frame last year and 12 percent of the 284,455
international home sales nationwide. Second only to Florida, Texas joined California,
New Jersey and Arizona as the most popular states for international homebuyers. The
sales dollar volume of $18.66 billion from foreign home sales in Texas during this time
frame is almost double from last year’s report.

[ameribbean expat]

I see the same thing, and would add they use it as a base for annual shopping pilgrimages for themselves, family, friends, employees, business partners. Status symbol and safe haven investment.

[heylady]

I live in North Fort Worth and about 50% of the houses sold around here come back on the market as rental properties. I get at least 2 or 3 letters a week from investors wanting to buy my house. A half million dollar house sold next door to my son and came back as a rental property. The renters must be paying $3000 a month but there appears there are people willing to pay.

[WildHighlander57]

First thing I thought of, was ‘bubble’.

[txhurl]

With no underlying increase in wages to support it.

[TheNext]

Money laundering.

Much of China homes bought from criminal money of Generals. Your foreign neighbor brings blood money to your neighborhood.

[hadaclueonce]

Dallas Morning News.
They gave their support to the bimbo in pink shoes for Govenor.
The Supported Hillary.
They saw their paid subcribers number tank.
They are dead, yet will not admit it.

[Cowgirl of Justice]

We out to follow Mexico’s lead so far as foreign investment and not let foreigners buy American land PERIOD.

[Ancesthntr]

Yup - and it greatly benefits our economy. This is 100% inflow, and then the multiplier effect magnifies it further.