Posted on 01/07/2014 4:28:18 PM PST by TwelveOfTwenty
The latest data from the National Association of Realtors, which was released last summer, showed that foreign buyers had scooped up $68.2 billion of single-family homes in the U.S. in the year ended March 2013. That's about 7 percent of the total U.S. market. That was down slightly from the $82.5 billion invested during the same period of 2012, but up from 2011. The fastest growth in foreign buyers was from China and Canada.
(Excerpt) Read more at cnbc.com ...
Fast money chasing hard assets financed at ultra low interest rates.
Some day the markets are gonna puke up Ben & Janet’s Bucks.
Foreigners (aka Saudis and Chinese) are buying up Boston as fast as you can shake a stick.
“Foreigners (aka Saudis and Chinese) are buying up Boston as fast as you can shake a stick.”
Boston doesn’t bother me... I have no desire to go there again.
Florida does.
Two years ago in a ritzy area north of Houston people were trying to sell $250,000 homes and couldn’t find buyers. Now they’re getting $300,000. It’s nuts!
you read about some people resenting the busloads of tech workers (living in San Francisco, working in Palo Alto) and complaining that they drove up housing prices. Well, they had an impact to be sure. But,
according to the leading real estate broker, some 3/4 of local sales are to buyers from Communist China (and many of them making all-cash purchases).
This is confirmed, with varying figures, by several of the other leading realty offices in that area.
So, if only 8 or 10 percent of USA house sales are to foreigners, it DOES vary by community, location.
(Incidentally, the average used tract house in Palo Alto is now at $2.3 million dineros.)
We’ve inflated our money supply and sent a good deal of it overseas.
Jefferson’s quote about fiat money fits here.
“If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.”
It’s literally happening right in front of us.
Reminds me of a story from the 80s, told by a friend of mine. She was home that day, a bit under the weather, when the doorbell rang.
A well-dressed Japanese chap was at the door, with an attaché case filled with money, and she saw the dinero. He offered her $300,000 for the house right there, cash on the barrelhead.
Her parents weren’t home - it was their house - so she declined. The chap went next door, and bought that house for $300,000.
At that time in that part of Southern California, the average house price was roughly $150 - $175,000.
neither one bothers me, hate Boston, hate Florida .. . But… the invasion of foreigners into the United Staes of America REALLY bothers me!
Did you see the episode of THE KING OF QUEENS when Art tried to sell Doug and Carrie’s house? That’s what the girl should have done in California. “Where do I sign?”
A real estate firm here in the Tampa Bay area has agents speaking 20 different languages, including Italian, Polish, Albanian, Greek and Finnish.
And we wonder why home prices are so high.
Thank goodness, who would offset the Haitian invasion?
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