According to CNNMoney, the Chinese are now the biggest international buyers in the U. S. housing market, and over half of the $22 billion they spent on homes for the year ending in March was spent in California, New York and Washington, according to the National Association of Realtors (NAR). California is popular because it is close to the mainland, the climate and lifestyle are attractive, there is already a strong presence of Chinese, and many work in the high-tech industries; but the demand is also driving the prices higher, especially in San Francisco. A real estate agent who caters to Chinese real estate investors in New York regularly sells homes for $1 to $4 million as investments, MHProNews has learned. Nearly 40 percent of the buyers will live in their homes in the U. S., although almost half the purchasers will never set foot in the homes, using them for investment only. Many Chinese parents are buying condos for their children who are attending school in the U. S. Surprisingly, homes in Texas and Michigan are also growing in interest : Plano, Texas, outside Dallas has one of the highest concentrations of Chinese residents in the country at 5.25 percent. ##

(Photo credit: Rick Puckett/santacruzpictures.com–Santa Cruz, California)