I agree that immigrants who work and earn their money in America are NOT foreign money. They are part of the local economy. It’s wonderful that they are earning the wages that allow them to buy in this overpriced market.
The immigrants of today are of different races than the immigrants of 100 years ago but they have the same ethics that built this country. They are not afraid of hardship and they share costs and savings with their extended families.
One Asian person I know lived with is brother’s family for many years to save for a house. Now his niece and her husband live with his family as they save for a house.
Foreign money is money brought in from outside the country. Foreign money (Chinese, Japanese, Middle-Eastern, etc..) invested in MBS and treasuries was for sure propping up the market even as the Fed was raising interest rates. That’s what allowed us to have the liquidity and loose lending standards that led to the boom. For those of us who cashed out on real estate, we should be thanking our friends, the foreigners.
