Monday, December 10, 2012

The Chinese writing is on the wall

For those wondering what America will look like in another twenty years? Look no further than who is buying up our country at fire sale prices compliments of the mortgage crisis that the left created ten years ago and the collapse that occured five years ago.

The end result is now coming to rest and those with the money are buying up this country lock, stock and barrel.
As the U.S. housing market slowly starts to recover, foreign investment is helping it along.
According to the National Association of Realtors, non-American buyers accounted for $82 billion in home sales last year. More than $7 billion of that is by the Chinese, who are now the second largest foreign home purchasers after Canadians. They're buying high-end, multimillion-dollar homes from California to New York and paying cash.
"They're probably the top 1 percent of the Mandarin speakers that are coming from China," said Brent Chang, a Coldwell Banker realtor in Southern California. "They're really the people who have their own businesses or maybe were part of the government."
Some of these homes are specifically catered to Chinese buyers. Fox News visited a home listed at $8 million in Pasadena, Calif., that had two kitchens, the smaller one had ventilation for the cooking for aromatic or "stinky" foods like fish. It also has a lower level in-law suite and even a koi pond.
"People from China do a lot more business in their homes so they want their homes to really scream that they've made it and they're successful, " said Chang.
The Chinese like the U.S. because their money goes further. In Shanghai, $2 million might only get you a two-bedroom condo.

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