CNN mention on Chinese investors coming to U.S.

Chinese homebuyers are flocking to these U.S. states

View article at CNN.com

By Les Christie  @CNNMoney July 23, 2014: 5:11 PM ET

 NEW YORK (CNNMoney)

 

Chinese buyers are now the biggest international players in the U.S. housing market and some states are seeing billions of dollars in real estate deals as a result.

Quoted by CNN Money about escalation clauses in a property bidding war.

How to win a bidding war on a home

By Les Christie  @CNNMoney June 13, 2014: 7:50 AM ET

View article on CNN.com, "How To Win a Bidding War."

NEW YORK (CNNMoney)

In many hot housing markets, bidding wars have been breaking out on a regular basis -- and some house hunters are getting beaten out time and again.

Interviewed by CNN: Top 10 U.S. Cities For Chinese Homebuyers

NEW YORK (CNNMoney)

As the Chinese economy continues to boom, Chinese are looking abroad to spend money on real estate.

Where are they buying?

CNN interview on pocket listings

 

Secret 'pocket listings' return in hot housing markets

By Les Christie @CNNMoneyMay 2, 2013: 11:48 AM ET

With pocket listings, brokers hope to find clients with deep pockets who are willing to pay in cash.
 

NEW YORK (CNNMoney)

The housing rebound has given new life to an old, but little-known sales practice called "pocket listings," where agents reserve homes for serious buyers only.
 Most homes that are put up for sale are posted on databases called multiple listing services (MLS), on which agents share information with one another in order to find buyers. There are open houses on Sunday afternoons and listings posted on real estate websites.

CNN story on foreign buyers of US property (yours truly interviewed)

Les Christie is a famous CNN real estate writer whose articles I have been following for a few years.  Two days ago, I had the opportunity to speak to him about Manhattan real estate.  The article came out today, below for your convenience.  Click the title to go directly to the CNN source website. 
Foreign buyers scooping up U.S. homes
By Les Christie October 21, 2011: 5:23 AM ET

NEW YORK (CNNMoney) -- Hey, wealthy foreigners! Want to live in the U.S.? Buy a home here.

Manhattan vs Case Schiller / CNN market reports

New York City market reports published by CNN, Case Schiller, Census etc all refer to the greater New York City area.  This means they include all 5 boroughs of New York City, northern New Jersey and certain areas of Long Island.  These reports should not be taken as a measure for Manhattan real estate performance.

$8 million in assets and can't get a mortgage - CNNMoney

Link to article:  $8 million in assets and can't get a mortgage


Weimin's comments on the article:
Banks are super strict with really large mortgages of high net worth individuals because they can't predict these loans since these are outliers in the credit models. No point taking the risk because these are not regular customers anyway.

Also, rich people w $8m net worth don't care about their credit score, do they? What would they need a stellar score for? They have the non-cookie-cutter ways of getting financing. They are sophisticated and would walk away when it no longer makes sense to make mthly payments. Unlike regular people who feel 'obligated.'. Hence banks are right to have stricter criteria.

FHA is a recipe for disaster. They require 3.5pct down for low credit people! Downpayment is the main determinant of loan quality/foreclosure. FHA is also technically insolvent. Should just be closed down.