Chinese buyers pull back from U.S. housing market
Home sales perked up in July, a report this week showed, but they're still down significantly so far this year compared with 2018, even with lower mortgage rates. While analysts typically blame high prices and growing worries about a possible recession, another factor is also playing a prominent role: Foreign buyers, particularly the Chinese, have pulled back sharply from the U.S. real estate market. Foreign investors purchased $77.9 billion in residential property in the 12 months ending in March, down 36% from the previous 12-month period, the National Association of Realtors said in a recent report.
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