Chinese money bolsters U.S. housing market
By Academy Mortgage Corp.
According to The New York Times, Chinese investors are driving demand for U.S. homes. Consequently, their interest in real estate has also increased the value of homes in the most highly demanded regions.
Chinese money strengthens U.S. market. Many Chinese families looking to move to the states first started investing in properties on the East and West coasts. Their interest in luxury condos in Manhattan and large homes in Silicone Valley is likely responsible for the substantial price leaps seen in these regions.
Now Chinese buyers are looking in other U.S. cities for new homes.
"When Chairman Zhang saw the strength of the Texan economy, he decided it was time that the Asian community should be presented an opportunity to invest in the American Dream," noted the marketing materials for a new mini-mansion development, according to The New York Times.
Home values continue to rise. According to the S&P/Case-Shiller U.S. National Home Price Index, home prices increased 4.9% in September. The rises suggest a strengthening market that is supported by ample demand.
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