Chinese consumers are following an interesting international trend. Although they are no longer interested in buying American gadgets like the iPhone, the Chinese middle class are investing in US residential real estate.
According to the National Association of Realtors, the Chinese have been the top foreign buyers in both units and dollar volume of residential housing for the past six years. Although they have started off with the pricey properties, Chinese consumers are now buying new, lower price tiers. Interestingly, the Chinese middle class has joined wealthier individuals in purchasing real estate in the United States.
The Chinese middle class are mostly interested in more affordable homes with mortgages.
So why is there a sudden interest in US residential real estate? San Francisco real estate agent Michi Olson says that the Chinese believe it is a sound investment.
“The Chinese people still see the United States as a safe harbor where they can take their assets and park their money not only for their money but also for the future of their children,” Olson said.
RE/MAX DFW Associates agent Laura Barnett also revealed why it is much easier for the Chinese middle class to buy real estate these days.
“It is difficult to get loan approval on foreign buyers unless they put 50 percent or more down on a home, but several lenders specialize in this market now, so it is getting easier,” Barnett said.
Chinese workers with tech jobs are buying more properties in the US.
California is still one of the favorite locations to find real estate for the Chinese. However, as more lenders are now more lenient in other states, they have also started searching in Texas, Florida, and Georgia.
The openings for technology jobs is another factor in the sudden interest in lower-priced homes in the US. As Chinese workers move to the United States, they also keep an eye out for property they can invest in.
It’s certainly an interesting trend that could potentially continue for the next few years.
Muslim Congresswoman Makes History by Wearing Hijab in US Congress
A refugee from Somalia, congresswoman Ilhan Omar just became the first to wear hijab in the House.
A Muslim woman just made history in the United States for wearing her hijab and swearing in on the Koran after getting elected to the Congress. Ilhan Omar, 37 years old, is now officially one of the two female Muslim members in the congress and she entered her office by breaking tradition. She's also the first Somali-American and the first female Muslim refugee elected into congress.
Omar, who arrived in the United States in 1995 after leaving war-torn Somalia, was elected to represent the fifth district of Minnesota. Since 1837, head coverings of all sorts were banned on the House floor.
Abortion Is Now Completely Legal In Ireland
The groundbreaking referendum has lifted a ban that has been around for 200 years.
The Republic of Ireland has made a decision about women's rights. As of today, it is completely legal to have an abortion in the republic for the first time in 200 years.
The procedure was first banned in Ireland back in 1861. This means that women who needed to get an abortion had to travel to other locations just to get the potentially life-saving procedure. However, the new referendum allowing the procedure has ended the ban after two centuries.
Women can now ask for an abortion if the pregnancy is life-threatening.
2019 May Be The Hottest Year To Date Due To El Niño And Global Warming
The forecast for 2019 would place it among the five warmest years on record.
After the cool breeze of December, it seems that we’re going to quickly shift into wearing our summer outfit as forecasters warn that 2019 is expected to be one of the hottest years of all time. This is a result of a possible El Niño event worsen by man-made global warming.
Global temperatures have continued to rise, and it appears that it’s not going to drop anytime soon. The past four years have been the hottest on record, and the 20 warmest have occurred in the past 22 years.
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