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Author Topic: Who's buy? Housing recovery? Amnesty fueled?  (Read 1006 times)
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WhiskeyGirl
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« on: July 08, 2013, 10:10:32 PM »

Are American citizens snapping up housing?  More Americans with their part time jobs and food stamps?

"Indians bought $ 3.5 billion US realty in year ending March 2013"

Quote
While Indian buying peaked in 2009 when they accounted for 9 per cent of all foreign purchases, Chinese, who accounted for only 5 per cent that year, have surged ahead to buy 18 per cent of all realty sold to foreigners during the year ending March 2013. At a median price of $425,000, the Chinese are also buying more expensive homes than other foreign buyers, who spent a median of nearly $276,000 on US homes.

 The median price of homes bought by Indians was $ 300,000 (about Rs 1.8 crores at current value, but closer to Rs 1.5 crores in 2012 when the rupee was around 50 to the dollar). It was lower than the median price of Chinese homes but higher than what Britons ($ 250,000), Canadians ($ 183,000) and Mexicans ($ 156,250) paid for their homes. The median price of homes bought by Americans is only around $ 220,000, attesting to the wealthy Chinese and Indian footprints in the U.S market.

 According to the NAR report, international non-resident clients are likely to be substantially wealthier than the median domestic buyer, and are usually looking for a trophy property abroad after having met essential living needs in their home country.

How many Americans can snap up those half million dollar properties?

Maybe they are waiting for Amnesty II? 

Quote
Based on data from the survey, the bulk of properties purchased by Indian buyers were in the suburban area. Approximately 90 per cent of reported purchases were detached single-family properties and 7 per cent were commercial properties. Approximately 21 per cent of the reported purchases were all-cash.

How many American citizens, with their part time jobs, are snapping up those $500,000 homes with cash?  Student loans?

read more here - http://economictimes.indiatimes.com/news/nri/nri-real-estate/indians-bought-3-5-billion-us-realty-in-year-ending-march-2013/articleshow/20979848.cms
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