U.S. housing activity remains weak despite six years of federal government aid, strong interest from overseas buyers, rock-bottom interest rates and massive purchases of mortgage bonds by the Federal Reserve.
***Don't blame the Chinese, who are showing an abundance of interest. Their share of foreign purchases leaped to 16 percent in the year ending March 2014, from 5 percent in 2007. They paid a median price of $523,148, higher than any other nationality and more than double the $199,575 median price of all houses sold.
The value of home sales to all foreigners rose 35 percent last year to $92 billion, up more than 50 percent since 2007 and accounting for 7 percent of all existing home sales. Foreigners view U.S. homes as safe investments and U.S. schools as good places to teach their children English.
Friday, January 23, 2015
Total Value Of Home Sales To Foreigners Rose 35 Percent Last Year
Posted By Milton Recht
From BloombergView, "Nothing Is Going to Save the Housing Market" by A Gary Shilling:
Posted 1/23/2015 10:32:00 AM