flu, I have to admit that, of my various friends, the ones who have, or know others who have, $1-2 million in free cash to buy a home in So Ca are all Asian. All the others have the money, er, ‘tied up’ right now.
To the extent the stereotype is true, it’s probably just a result of history: For generations in many Asian countries, there was enough instability and poverty to make people feel they needed to hoard as much as possible in the safest possible asset. Now, very recently, many of those counties are producing very wealthy people, and they still carry some of that earlier baggage.
