tag:blogger.com,1999:blog-1110014885778996459.post6271315385462626862..comments2024-03-28T11:48:09.419-07:00Comments on Idiosyncratic Whisk: Housing: Part 243 - A Brilliant Argument for More RegulationKevin Erdmannhttp://www.blogger.com/profile/07431566729667544886noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1110014885778996459.post-40230201318180953262017-07-20T16:45:17.528-07:002017-07-20T16:45:17.528-07:00If you essentially make it illegal for a large por...If you essentially make it illegal for a large portion of your domestic households to own homes, then there will naturally be an increase in foreign owners.Kevin Erdmannhttps://www.blogger.com/profile/07431566729667544886noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-57811964241295827812017-07-19T03:17:28.668-07:002017-07-19T03:17:28.668-07:00OT but interesting from CNN:
"The National A...OT but interesting from CNN:<br /><br />"The National Association of Realtors released a report Tuesday that said foreign buyers and recent immigrants spent an estimated $153 billion on American properties in the year ending March 2017. That was a 49% increase over the previous year and the highest level since record-keeping began in 2009.<br /><br />The purchases accounted for 10% of the total value of existing home sales in the U.S. The report did not include new homes.<br />The breakdown of sales between foreigners and recent immigrants was about 50:50.<br />Blame Canada<br />America's neighbors to the north were one big factor behind the surge.<br />Canadian real estate investors nearly doubled their purchases of American homes over the period because of the relative affordability of properties in the States. Many Canadians have been squeezed out of property markets in cities like Toronto and Vancouver that have experienced rapid price gains.<br />Canadians were the second biggest foreign purchasers of homes after the Chinese. Buyers from China shelled out nearly $32 billion over the period, while Canadians spent $19 billion."<br /><br />---30---<br /><br />In my pen for hire business, I am exposed frequently to foreign buyers of US real estate but who operate through a JV with a local partner, or through US-based entities. I do not know if these foreign cash flows through US-based entities are counted as foreign buyers. Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.com