Rich Chinese are Buying America's Real Estate

The US Housing recovery is still going on with the Chinese leading the pack of international buyers. Chinese buying was up 70% - nearly 1 in 4 dollars of all foreign purchases according to National Association of Realtors.

Canadians are number 1 in terms of total homes bought but the Chinese buy more expensive homes with an average price of $591,000.00.  The Chinese also brought more cash to the table with more than three-fourth of their purchases were cash transaction.

California is the biggest market for the Chinese followed by Washington State, New York, Pennsylvania,  and then Texas. 39% of the Chinese buyers said that they will use it as their main home. Others are buying condos for their children attending US Colleges and Universities to save on dormitory fees and benefit from the home appreciation  by the time their student graduate. Others are buying cheap homes and renting them out. Still others use them as vacation homes for a couple of weeks a year and then rent them out for the rest of the time.

From Les Christie @CNNMoney