[quote=bearishgurl][quote=flu]Oh please… stop the blame game will you? Asian purchases account for 20-30% of new home purchases, and mostly at the higher end where most of you are not shopping.
Even in socal, the concentration of purchases are in the markets that are $1million+. If you want to blame foreign purchases maybe you should get your fvcking facts straight and blame canadians, since as a group, theyve are the largest foreign buyers even more than chibese. And their purchase price points are considerably lower, probably in the submarket where most of you would be looking.[/quote]
I saw that article yesterday. Chinese buyers are also scarfing up condos in CA coastal counties for all cash, as well. These properties aren’t in the $1M+ range. They buy them for their kids future use to go to college. IIRC, there is a couple in that article on the tour bus who brought their 8 year-old with them and stated they wanted it for him to use for college. In the meantime, they’ll lease it out.
I realize that US buyers with minor children really don’t want to raise their own kids in condos but in some (expensive) sub-markets, that’s all they can afford unless they want to add a lot of extra commute time to their workday.[/quote]
Look at the percentage of Canadian buyers. Even so who the fvck cares..some has money, its legal, buy. Its called capitalism.
Maybe if more people would save and invest instead if spending their paycheck buying useless crap at Walmart, they too could afford a place to live.
