WATCH LIVE: At least 6 injured in high school shooting in Marysville, Washington

Rich Chinese are snapping up America’s real estate

Window shoppers peruse homes for sale postings

CNN Money — The U.S. housing recovery is still going and international buyers are giving a huge boost, with the Chinese leading the charge.

Chinese buying was up nearly 80% to $22 billion — nearly 1 in 4 dollars of all foreign purchases, according to the National Association of Realtors.

Canadians are actually No. 1 in terms of total homes bought, but the Chinese buy much more expensive homes: An average price of $591,000.

The Chinese also bring a lot of cash to the table: More than three-quarters of their purchases were all-cash buys.

California is the biggest market for the Chinese, accounting for a third of their purchases.

Washington State, however, is coming up quickly, accounting for 9% of buys. It’s followed by New York, Pennsylvania and Texas.

Why are they buying? Only 39% of Chinese buyers said they intended to use their purchases as their main home.

Some may buy condos for their children attending U.S. colleges. They hope that, in addition to saving on dormitory fees, they can make benefit from home price appreciation by the time the students graduate.

Others are becoming landlords, buying cheap homes in distressed economic pockets, like Detroit, and renting them out.

Still others use the homes as vacation properties a couple of weeks a year and rent them out the rest of the time.

In addition to the tide of Chinese buyers and the Canadians, those from Mexico, India and the United Kingdom filled out the top five list. India also had a notable jump in money spent — 48% growth.

4 comments

  • Joy

    Makes sense. It’s easier for foreigners to come here and live it up and own businesses than citizens. USA has a history of treating natives like second class.

  • Becky

    This IS the PC Government Globalization Plan that solicits more Foreigners to Buy Citizenship and Votes. Wonder if the PC Government Operatives brokering these “deals” get a cut, a bonus, or a party reward. The Clinton/McAuliffe/GreenTech scam was highly beneficial and profitable as a sponsored family, friends and cohorts’ cottage industries spin offs. FBI has PC “Lost” McAuliffe’s Investigation and he’s off to China again, soliciting the sell off/give away America for almighty Foreign votes; perfectly pictured as Party Benevolence profiteering.

  • manalishi

    I wish hey would purchase Gilpin, Creighton,,,,, Aw f-it, just sell them Richmond and it’s leadership.

Comments are closed.


Related Stories


Follow

Get every new post delivered to your Inbox.

Join 1,693 other followers