by Wolf Richter
Chinese investors buy fewer homes in the US.
Oh no, we thought when we read the report from the National Association of Realtors. Not now! Not when there’s a huge unstoppable condo glut building up in the teetering housing markets of San Francisco, Manhattan, and Miami, when sales and prices are already dropping. Foreign investors are now needed more than ever to absorb this new high-end inventory and bail out these markets.
That’s what everyone has been praying for. The last thing we need is for Chinese investors to stay away from San Francisco and Manhattan; and Canadian, European, and Latin American investors to stay away from Miami.