Forum Post: Wealthy foreigners allowed to buy foreclosures
Posted 13 years ago on Oct. 26, 2011, 8:59 p.m. EST by downwithgreed05
(0)
This content is user submitted and not an official statement
I heard this week that our government is considering (or has maybe already passed) a bill that allows people from other countries (the 1% no doubt) to buy up U.S. foreclosed properties. This is an outrage given the number of U.S. citizens precluded from buying homes due to the overly inflated costs set by banks. Searching online I found this article: http://online.wsj.com/article/SB10001424052970203752604576641421449460968.html
I was reading something that said they are going to be sold in bundles, too, so that would eliminate individual home buyers.
This would tighten inventory and possibly stabilize the housing market, but I see a future with a lot of Chinese landlords. At least they aren't proposing selling visa's for 500k; the applicant actually has to buy real estate with the money.
Go figure...
Charles Schumer is involved.. Would you expect anything better?
The house also comes with a green card, if the bill is passed