patrick.net

I've seen how immigration works at the airport. I just want to see the reaction on the INS guy's face when someone coming from China on a visa says they want to buy a house here. Maybe they'll get deported lol

It will be a Realtor(R) holding a sign outside the Customs and Immigration area with the investors' name, driving them in a limo to view property.

Here's a picture of a Chauffor(R)

That's great; the Japanese government should be looking at that as one way to stop the multi-decade slide of their real estate market, instead of giving banks the exact opposite "guidance" and refusing mortgages or loans to even long-term residents who have different nationality or don't yet have permanent residency.

(From bitter personal experience: despite living in Japan for over 10 years and having 92% of my purchase price as a down payment, diligently saved into the same bank over 10 years, I was turned away by that branch's manager in the first three minutes when coming in with my real estate agent to talk about borrowing any amount of money at all.)

Good job, HSBC. I imagine they're even more open to Chinese people who actually live in the US.

Michinaga says

should be looking at that as one way to stop the multi-decade slide of their real estate market

grr, since when is the cost of living going down a bad thing?

Troy, the cost of living going down is a *great* thing. I'm just looking at it from the government's prespective and trying to find a way for their my wants (the ability to get a mortgage) to align with theirs.

SF ace says

http://www.tampa4u.com/blog/2010/10/06/foreigners-now-buying-homes-instead-of-stocks/
“Although home sales to foreigners accounted for only about seven percent of U.S. total home sales, these sales have been helping stabilize the housing markets of Miami and other cities.”
7% out of 5M is 350K sales. Not a lot, but these builds up over year over year and more and more or America is foreign owned.
Miami is a test case in 5 years what foreign ownership does to non-foreignors.

Foreign sales is a bit of a scam. My wifes relatives live outside the US and during the bubble they used to call asking about housing. They were told by "investors" that all they have to do is give them money to invest into US property and they will be rich. It was a global ponzi scheme that crossed all borders.

I imagine a lot of foreigners got suckered into this raw deal.

@Troy

>grr, since when is the cost of living going down a bad thing?

Agreed. And Starbucks Coffee went up $0.25 to $0.35 a cup this month (nearly 10%), yet there is "deflation" so interest rates are never raised (or so they say).

Foreigners will likely lose equity on overpriced properties dropping in value.
Better them than me. I wonder if the HBSC loans are recourse?

SF ace says

http://www.tampa4u.com/blog/2010/10/06/foreigners-now-buying-homes-instead-of-stocks/
“Although home sales to foreigners accounted for only about seven percent of U.S. total home sales, these sales have been helping stabilize the housing markets of Miami and other cities.”
7% out of 5M is 350K sales. Not a lot, but these builds up over year over year and more and more or America is foreign owned.
Miami is a test case in 5 years what foreign ownership does to non-foreignors.

I am always amused by these stories of foreigners buying our real estate, because, I know that, historically, foreigners have always bought at the peak of the bubble and liked catching falling knifes, after the bubble burst. Since, foreigners are still buying our real estate, I can sleep well at night, knowing that this market has a lot further to fall.