Foreign Home Buyers are Bailing On The Housing Market

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The U.S. housing market has seen a decline in international buyers due to high mortgage rates, increasing home prices, low supply of homes, and a strong dollar, with purchases dropping by 14% from last year to 84,600 homes - the lowest since 2009. Despite buying fewer homes, overseas buyers paid more, with a median price of $396,400. The top countries for buyers were China, Mexico, Canada, India, and Colombia. Chinese buyers, who mostly purchased in California, paid the highest average price at $1.23 million. A rise in Chinese and Indian buyers was noted due to relaxed pandemic policies and strong GDP growth, respectively. While foreign sales have dropped, Chinese home purchases have significantly increased. Most Chinese buyers are leaning towards residency and citizenship, rather than investment. Foreign buyers, favoring Florida, California, and Texas, frequently use properties as vacation homes or rentals. The drop in foreign purchases is not expected to ease competition for domestic buyers as they represent just over 2% of all buyers, however, it could affect specific local markets. Current domestic buyers are more focused on rising mortgage rates and low home supply.
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I don't think people should buy houses unless they need a place to live. I don't think people should buy a house just to take advantage of someone that doesn't have one

chrisfernandes

If a country doesn’t share our values of freedom why should we allow them the luxury to invest in our country who cherishes it? It eventually turns our free market into the opposite. Limiting them with taxes and other tariffs to help the American people buy a home is something we should all be fighting for.

Reelunique

Unfortunately, I think it is money laundering for many foreign investors. On a different note I think home investment is a poor choice. You only make about 3-4% return on investment long term per year on real estate. On the other hand, S and P 500 index funds make 8-12% return.

thomasmorrison

San Francisco, where I live, has a lot of empty houses and condos that are just sitting there being an “investment.” It’s a great thing to have foreign investors not buying properties. It’s terrible to have a bunch of luxury condos built that get bought up by wealthy people as offshore investments and then sit empty. And then the city says “We’ll, we just need to keep building.” Making the quality of life lower for everyone that actually lived here, while not helping the housing crisis.

WonderfulWorldofAwesomeness

Ban the use of residential homes as rental properties. Build apartments for renting. Or if it were up to me, resident owned and operated complexes.

aryeh

Today's subject was s great! Canada put the 2 year ban on foreign home investor purchases last year because they were ending up with no affordable homes for their own citizens. The crazy thing is that Canadian Home Investment purchases, along with other countries, STILL purchase them in USA. WTHeck!!🤪😂

themarkandmelteam

We shouldn't be allowing foreign citizens to own land in the United States. Maybe things will get to be more affordable for

johnscott

We need names and faces behind the corporation papers like Tricon

lindakingsley

Great topic. Affordability for renting and buying is out of control. Income /wages cannot compete with the drive in prices going up. Aside from international and corporate investors, immigration is certainly a factor. Injections of cash into the market from every direction, also a problem. Something big will have to break before the market will correct. Scary to think what that will be considering how rouge its become. Again, even worse. 😢

joshandshayla

Return our economic policies to pre-Reaganomics norms. I truly don't think there's any other fix for this insane situation. If we allow things to go on like this much longer, they'll force us all into feudal serfdom again. Anyone poorer than a millionaire won't be able to afford to live in the US.

FloppityFlopFlop

🌬 I am with you ❣️We can hardly afford to pay rent. My family and I are in the poor area of Los Angeles. I truly would be content to purchase a home/duplex here in the area where I live. If I were to just move into a different property here in the same area, I would pay about 50% to 75% for something smaller. We need something bigger.
The truth about affordable housing in my area is 75% more than what I pay now. My apartment is falling apart. I prefer not to have anything done so my rent stays where it is.

crybebebunny

I keep asking this question, who's going to stop the lack of affordable housing? The people who want affordable housing are smaller in numbers than those who benefit from the lack of affordable housing.

The only solution, which isn't great, is the 40 year mortgage.

cb