During the past year, more and more overseas buyers have invested in the United States housing market. They accounted for $92 billion worth of home purchases, which is up 35 percent over last year .It is also the most amount ever that foreign buyers have spent in the U.S. real estate market.
While people from all over the world are buying property in America, Chinese buyers are leading the trend with almost one-fourth of all home purchases. They are focusing their real estate buying in Southern California with Los Angeles being the top destination for real estate searches coming from China, followed by San Francisco and Irvine. According to the National Association of Realtors, more than half of the $22 billion Chinese buyers spent on U.S. homes during the 12 months ended in March was spent in California, Washington and New York.
Many of the Chinese families that are purchasing real estate in the United States are doing so to enable their children to attend California universities and even high schools that are in some of the top districts. Another reason is that Chinese buyers see it as a smarter investment as opposed to the inflated values of real estate in China. California is particularly attractive because it is so close to the homeland and many cities have significant Chinese-American populations in addition to the attractive climate.
This huge influx of Chinese buyers is helping to drive the cost of real estate in California to pre-recession levels.
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