A report by the National Association of Realtors says $22 billion of the $92 billion spent by international buyers in the real estate market from 2013 to 2014 was from the Chinese, according to financialbuzz. Seven percent of the $1.2 trillion spent on real estate across the nation came from foreign buyers. HSBC reports almost 30 percent of its home mortgages purchased this year came from outside the U. S.
California-based Mega Capital Funding of California and Florida’s FBC Mortgage both are engaged in assisting international buyers find properties, many in New York City and Connecticut as well as CA and FL. Some of the purchases are for children of foreigners who are studying in this country. Mortgages through traditional lenders becomes a problem, however, since non-residents do not have SS numbers, credit histories or any financial profile by which to judge their creditworthiness, so payments are in cash, a boon to sellers.
As MHProNews reported Aug. 26, 2014, China-based industrialized housing LandSea Group Co Ltd intends to invest over $1,000,000,000 in residential developments, beginning in New York, Los Angeles and San Francisco during the next several years. Members of other countries are seeking to invest in manufactured home communities and in industrialized housing in the U. S. as well. ##
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