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<blockquote data-quote="klein" data-source="post: 983474" data-attributes="member: 23950"><p><a href="http://ca.finance.yahoo.com/news/international-super-rich-target-california-real-estate-104101975.html" target="_blank"><strong>International super-rich target California real estate</strong></a></p><p><a href="http://ca.finance.yahoo.com/news/international-super-rich-target-california-real-estate-104101975.html" target="_blank"></a></p><p><strong>The super-rich investors responsible for London's prime real estate bubble are adding California to their wish lists, lured by bargains offering crisis-defying returns as an overdue churn in the United States property market finally gets under way.</strong></p><p></p><p></p><p>Data released this week by the National Association of Realtors showed that international sales reached $82.4 billion in the year to March 31, up from $66.4 billion in 2011.</p><p>The Chinese are now the second-largest foreign buyers of U.S. homes (behind Canadians), accounting for 11 percent of sales in the year to March 2012, up from 9 percent in the previous year. Cash purchases accounted for 62 percent of international sales and the average price paid by international buyers was $400,000, against the overall U.S. average of $212,000.</p><p>As the U.S. jobs market expands, there are signs that the worst may be over for the property market that spawned the sub-prime mortgage maelstrom and the world's deepest banking crisis since the Great Depression.</p></blockquote><p></p>
[QUOTE="klein, post: 983474, member: 23950"] [URL="http://ca.finance.yahoo.com/news/international-super-rich-target-california-real-estate-104101975.html"][B]International super-rich target California real estate[/B] [/URL] [B]The super-rich investors responsible for London's prime real estate bubble are adding California to their wish lists, lured by bargains offering crisis-defying returns as an overdue churn in the United States property market finally gets under way.[/B] Data released this week by the National Association of Realtors showed that international sales reached $82.4 billion in the year to March 31, up from $66.4 billion in 2011. The Chinese are now the second-largest foreign buyers of U.S. homes (behind Canadians), accounting for 11 percent of sales in the year to March 2012, up from 9 percent in the previous year. Cash purchases accounted for 62 percent of international sales and the average price paid by international buyers was $400,000, against the overall U.S. average of $212,000. As the U.S. jobs market expands, there are signs that the worst may be over for the property market that spawned the sub-prime mortgage maelstrom and the world's deepest banking crisis since the Great Depression. [/QUOTE]
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