US Government Mucks up Money-Laundering in Real Estate, Puts Luxury Housing Bubbles at Risk

by Wolf Richter
Wolf Street

Manhattan and Miami already get mauled. Now expanding to San Francisco, Silicon Valley, Southern California, even Texas!

Cash sales of homes – mostly the domain of foreign and affluent buyers – fell to 32% of total home sales in April, down 2.8 percentage points from a year ago, according to a new report from CoreLogic. For the first four months, cash sales dropped to 34%, the lowest since 2008.

In Florida, the number one destination for foreign homebuyers, cash sales accounted for 46% of sales, and in New York, for 44%, both decreasing as well. The “strong dollar” and “global uncertainty” were blamed.

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