American workers with honest jobs competing with wealthy Chinese that own slave labor factories…
The real question is, why did we allow this to begin with?
The dollar volume of homes purchased by foreigners from April 2018 through March 2019 dropped 36% from the previous year, according to the National Association of Realtors.
Foreigners bought 183,100 properties with a total value of about $77.9 billion, down from 266,800 properties valued at $121 billion a year earlier.
“The magnitude of the decline is quite striking, implying less confidence in owning a property in the U.S.,” the Realtors’ chief economist says.
I view this as very good news. Why was the United States ever allowing foreign buyers to buy up property in the US, taking affordable housing away from American citizens?
This is a very interesting and somewhat disturbing phenomenon. As far as I’m concerned this is the result of the decline of the mddleclass American family. So many millenials spent four years or more sitting in classrooms procuring tens of thousands of dollars in student loan debt. This has resulted in many of them putting off marriage and family. It’s largely people who are having families who buy houses.
Correct me if I am wrong but was not the Kushner family selling US real estate in China with a green card on purchases over a certain amount? Could of sworn that I read that somewhere in the last two years…maybe it flopped.
Either way, this is good for the average American family who don’t already own homes.
The other aspect to this is that many millenials even if they don’t have student loan debt are also avoiding marriage and children due to sociological factors as well. More women today are focused on careers and have little to no desire to have children.
