Foreign Investing way down.
The following is a quote from a source i get.
“Sales of home costing more than $1 million increased by 9 percent in the third quarter of 2014 even as all home sales were down 1.2 percent when compared to the third quarter of 2013. However Redfin says that overseas investment in these homes is beginning to flag and those markets which have benefitted the most from foreign investors are seeing “a steady and dramatic decline in sales of million-dollar-plus homes.” Those cities where there is less reliance on investors, both foreign and domestic, are still seeing a steady increase in high-end sales.”
Houston those high-end sales were up 42 percent from the third quarter of 2013. Redfin said this increase was “driven by a shift in homebuyer demand toward luxury properties.” Redfin agent Tara Waggoner said that Houston benefits from a strong and diverse job market and that many people are coming into the area through job transfers from the coasts.
In Los Angeles and Orange County growth in million-dollar-home sales has flatlined;”
I am wondering if this shift was caused by the foreign investors not being able to get into the EB5 program which allowed them to get a green card if they bought an expensive house. This program was so popular that they ran out of spaces and closed it down
