Well I’ve been hearing the China Full Cash Buyer tale for years from my friends here in SoCal who sell real estate, and they tend to know who is buying their listings. I don’t think they are making it all up.
Oddly enough, some of us who have lived in SoCal for the last 50 years actually do have some idea of what goes on here. Why freepers who don’t live in California have more expertise than those of us who are here is just one of life’s mysteries.
My point wasn’t that the Chinese aren’t buying property; I”m sure they are. I was trying to point out that the problem of high real estate prices in CA didn’t start 10 years ago, it’s been the case since post-WWII. The Japanese, Saudi’s, and other foreign nationals have also fed at the CA real estate trough over the years. I also know that the homeless have been around in CA for decades as well. It’s not a new problem, suggesting that new solutions are needed because, obviously, the old solutions aren’t working.