Bubble, Bubble, . . . (Cont’d.)

Quote from today’s Los Angeles Times:

“A record amount of foreign money is flowing into the U.S. housing market. And the Southland is a prime destination.

“Overseas buyers and new immigrants accounted for $92 billion worth of home purchases in the U.S. in the 12 months ended in March, according to a new study out Tuesday from the National Assn. of Realtors. That’s up 35% from the year before.

“Nearly one-fourth of those purchases came from Chinese buyers. And the place they are looking most [sic] is Southern California.” Tim Logan, Southland Homes Draw Foreign Cash, Los Angeles Times, July 9, 2014, p. B1 (Business Section).

Also see Les Christie, Land Grab: Rich Chinese Are Snapping Up America’s Real Estate, cnn.com, July 8, 2014, click on http://money.cnn.com/2014/07/08/real_estate/home-sales-to-chinese/index.html?iid=HP_River

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