According to the National Association of Realtors, there has been a sharp decrease in the year over year purchase of American homes by foreign buyers. The Chinese remain the dominant purchasers of American property at $13.4 billion, down 56% over a 12 month period, representing the greatest yearly decrease in purchases amongst the foreign buyers. Chinese buyers were followed by Canadian, Asian Indians, U.K. and Mexican buyers.
The Chinese by far saw the greatest decrease in purchasing, so the question becomes why. A combination of factors such as slower economic growth overseas, tight capital controls in China, the strength of the U.S. dollar, and low inventory would all contribute to this. In addition, current political factors between China and the U.S. are believed to have a significant impact. It may also imply less confidence in owning American property.See full article.
