So where are the Chinese who come over here getting the money to buy homes in NYC for CASH? They barely speak English, and plenty don't at all, they haven't been here that long, and they can buy what most of us could not without a mortgage. They don't need mortgages, they pay for these co-ops, condos, and houses in CASH.
The Chinese left China with their cash. Our old real estate agent said he had a few at first show up with a suitcase full of cash. Millions of dollars! (They went to a bank and got cashier’s checks).
The Chinese in the Seattle area is one of the reasons the housing market got so expensive.