sdr, why wouldn’t a smart middle-class European looking to buy a property in the US because of price, first convert a bunch of their Euro money to dollars now, and then wait out the expected US housing market downturn before converting those dollars into real property?
If they are motivated to buy now in the US by low prices, why wouldn’t they make an effort to buy at the lowest possible price? (I’m not talking about people in the beach-house-wealthy category.)
