Mar

13

 I spoke with a dear friend in the SF Bay area. He's a real estate agent on the peninsula south of San Francisco. He indicated that the housing market there is so hot, it's hotter than it was in 2006-7, and rivals that of 1998-9, when houses on the peninsula and in Silicon Valley were sold within hours of listing. This seems to me to be unsustainable, except he said there's lots of demand from Chinese immigrants paying in cash, as well as other Asian immigrants putting down 60-70 percent of the purchase price and financing the rest. I don't think this will have a pleasant ending.

Leo Jia writes: 

It looks the Chinese buying will continue for sometime. They are crazy about housing. The decades or centuries of housing shortage must have altered their genes. And now when some have some money, they will chase at any price what they feel missing mentally. America (particularly the west coast, traditionally with more Chinese) clearly is a top choice for many.


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