Foreign purchases of American homes plunge 36% as Chinese buyers flee the market

[Cynic]

Foreigners are buying houses and not even living in the country.

That's fukking up the supply and demand. If majority of us citizens cant afford a house then naturally the price is supposed to drop, that wont happen when you have a steady supply of foreigners buying up shyt that Americans cant afford.

These foreign buyers are at the top end of the market and they usually pay in cash.

Even if they exit the market - a majority of Americans won't be able to afford beach front property or penthouses.

 

[5n0man]

These foreign buyers are at the top end of the market and they usually pay in cash.

How do you not see a problem with this?

Even if they exit the market - a majority of Americans won't be able to afford beach front property or penthouses.

If Americans cant afford the property and you dont have foreigners buying them, then naturally the price of these houses are supposed to drop when the market works as intended.

And where did you get this penthouse, beachfront property argument from?

 

[ill]

These foreign buyers are at the top end of the market and they usually pay in cash.

Even if they exit the market - a majority of Americans won't be able to afford beach front property or penthouses.

It'll put downward pressure on demand while increasing supply, especially in large cities. Thats a recipe for lower home prices.

Also - from the article - median home sales for Chinese buyers was something like 280k, which is well within reason of most Americans budgets for a home.

 

[Cynic]

How do you not see a problem with this?

Because it doesn't affect majority of Americans ...

If Americans cant afford the property and you dont have foreigners buying them, then naturally the price of these houses are supposed to drop when the market works as intended.

And where did you get this penthouse, beachfront property argument from?

The foreign buyers aren't the catalyst for this. Look at mortgage practices from the 2000s till now
before the Chinese buyers joined the market.

 

[5n0man]

Because it doesn't affect majority of Americans ...

Yes it does, buying a home is a major problem for majority of us citizens.

The foreign buyers aren't the catalyst for this. Look at mortgage practices from the 2000s till now
before the Chinese buyers joined the market.

I never said they were the catalyst, but they certainly aren't helping with the problems of home ownership.

 

[ill]

Because it doesn't affect majority of Americans ...


The foreign buyers aren't the catalyst for this. Look at mortgage practices from the 2000s till now
before the Chinese buyers joined the market.

Foreign buyers are a major catalyst for this especially in places like South Florida, Cali, and the Pacific Northwest.

 

[☑︎#VoteDemocrat]

 

[88m3]

The Chinese shouldn't be able to buy property here

 

[Mike Nasty]

This is more about China not the US.

 

[88m3]

These foreign buyers are at the top end of the market and they usually pay in cash.

Even if they exit the market - a majority of Americans won't be able to afford beach front property or penthouses.

that isn't accurate, they distort the entire market

 

[ORDER_66]

The Chinese shouldn't be able to buy property here

I concur... I'll even toss in a majority of foreign nationals that does not even live here either...

 

[CurrencyChase]

Good!

The market is over-inflated because of things like this. People who speculate on the market instead of actually living in homes will gripe, but it will recover once these homes start going to actual home buyers who want to LIVE in a home, instead of invest can get in on lower home prices.

Good for Americans in the long run

Yup there should have been a law in place a long time ago that would stop that shyt. Look at Vancouver and Toronto house markets getting abused.

 

[Wargames]

Breh the recession is coming beyond this shyt. Articles like this feel like BS propaganda to act like normal cycles, bad federal policies, trade war, and the overall lack of stability of the current regime aren’t going to be at fault for this fukkery

 

[Cynic]

that isn't accurate, they distort the entire market

You live in NY. Are you going to act like high finance isn't a bigger factor there ?

 

[ogc163]

You live in NY. Are you going to act like high finance isn't a bigger factor there ?

I doubt that was his point, you understand the concept of contagion right?