The news this morning out of Washington D.C. is that a couple of U.S. Senators are introducing legislation to offer visas to foreign home buyers.  Their feeling is that since those foreign home buyers are already driving sales recovery in hard hit markets such as South Florida, Southern California, and other areas that this incentive will fuel even more buying.  These Senators acknowledge that foreign buyers already enjoy the advantage of a weak U.S. dollar and very low prices in many markets.  So, why are they doing this?

Personally, I think this is a PR stunt to get their names in the paper as part fo their re-election strategy.  Doing anything to make people think you're working on a way to boost home buying is very popular.  It makes sense that these guys are doing this as part of a hair-brained scheme to get their names in the paper.  Sure, it's part of a larger package of legislation but they now have their 15 minutes of fame with a news story on something the country doesn't need.

The vast majority of foreign buyers are either investors or here on H1B visas hired by a U.S. company.  So, they're putting money into the economy by virtue of their interest in investing in the U.S. or working here.  They don't need an incentive.  What's ironic is the news article alludes to this.  Rather than bribing foreign buyers, which isn't necessary, I'm hoping these guys focus on programs to create sustainable job growth which is what will really boost the housing markets.  We'll see.

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 Bryan Robertson, President | T: 650.799.9951 | Email: bryan@arrivva.com | Website: http://www.BryanRobertsonHomes.com |CA License: 01191946 | ARIVVA  | 744 San Antonio Road Ste 24 | Palo Alto, CA 94303

 

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2 Comments on Why are we bribing foreign buyers to buy homes?

OCT
20
2011
1,024,215 Points 15 Featured Posts Localism Sponsor Outside Blog Called Shot Master

It seems sad that others can come to this country and buy a home, but those that are here cannot afford them right now.  I think this should be the real focus.  Quality Jobs in a real private sector economy.
1:03pm • #1
OCT
21
2011
620,899 Points 8 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Many foreign buyers already investing in US Real Estate without the visa incentive. This suggestion by the senate may seem like a good idea but I don't think it is going to resolving housing issue on the long run.
10:02am • #2

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Bryan Robertson, Real estate broker Los Altos & Silicon Valley Luxury Homes

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