well, those Communist China “elites” do seem to feel some sort of connection with their American conterparts. Tens of thousands of those elites from Communist China are buying American houses (in the most expensive neighborhoods, the high prices largely the result of these mostly all-cash ChiCom buyers, ironically )....
of course, the rest of the housing market is (for the most part) still badly depressed (as so many Americans are losing their jobs.... and most people still employed cannot possibly afford ....)
BOL: “ Communist China “elites” do seem to feel some sort of connection with their American conterparts. Tens of thousands of those elites from Communist China are buying American houses (in the most expensive neighborhoods, the high prices largely the result of these mostly all-cash ChiCom buyers, ironically )....”
This past summer we refied our home to keep it in shape until they cart us out feet first at a much later date, we hope:).
During this process, I got to know the local bank leaders and got some interesting data.
Through September, ie, the first nine months of 2013, home prices in the snobby wino country shot up. Good homes that went up for sell often had bidding wars.
Through September of 2013, the largest number of cash buyers came from two areas:
Drumroll!
1. Surprisingly, #1 re cash buyers was Texas.
2. Number 2 and rapidly gaining were Asians from their home countries with China as the #1 Country in the second group.
The new Asian home owners seem to be evenly split between part timers here and new full timers in their new homes.
I don’t have the data on 2013’s last quarter, but it could well be the Asians/Chinese are the #1 buying group.