China leads foreign purchases of US housing

 Washington Examiner:

Chinese buyers flooded the American housing market with more than $6 billion last year, more than purchasers from any other foreign country.

Foreign purchasers from China bought $6.1 billion in U.S. homes from April 2021 to March 2022, which the trade association’s report said was up 30% from the prior year. Canadians bought $5.5 billion in U.S. housing properties, Indians bought $3.6 billion, Mexicans $2.9 billion, and Brazilians $1.6 billion, according to a new report by the National Association of Realtors.

The average home purchased by Chinese buyers was worth just over $1 million — the most expensive average among foreign purchases and up from China's $710,000 average the year before. The report said buyers from China bought heavily in expensive states, with 31% of their purchases in California and 10% in New York. The Chinese purchases also included 7% in Indiana, 7% Florida, 5% Oklahoma, 5% Missouri, 5% Arizona, and smaller percentages elsewhere.

...

The majority of these purchases were all cash transactions.   I suspect that Mexican purchases have also taken place in Texas.  Chinese purchases of agricultural land have also brought Congressional attention.

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