The National Association of Realtors reports home buyers from China bought up 12 percent of all homes purchased by foreign buyers in the US in 2013 (Photo by Allie Caulfield).
Half of those home purchased by Chinese were bought in California. And that’s been a boom to the real estate market, according to the Los Angeles Times.
Realtors and mortgage lenders are catering to their needs, and even demanding changes in design details in subdivisions.
It’s been a particular boom to the San Gabriel Valley, home to the first suburban Chinatown in the 70’s. That’s since spilled over to San Bernardino and Orange counties and even Las Vegas.
The large homes are bargains by Chinese standards, where comparably priced homes can be a fifth of the size.
You can read about what this is doing to home prices and why some are calling this buying spree reckless in the Los Angeles Times.