Americans only have themselves to blame for the housing crisis, building houses that they could not either afford, financing with
ARMS or expecting real estate valuations to rise indefinitely,
all of which are prescriptions for disaster.
On the 30 September I wrote here that Americans are not a nation of savers, are we to blame for our own credit crisis ?
San Diego Real Estate Developer has an outstanding offer buy a new home get a second free unfortunately, many cash strapped Americans do not have the financial resources to take advantage of this offer.
What is one to do? Yesterday I wrote here that our Chinese friends with the largest currency reserves in the world have financed
$2 Trillion Dollars of USA Securities.
To the rescue for the ailing housing market. Our Chinese friends which have learned the benefits of savings are looking to California to snatch up real estate bargains.
More here from the Financial Times of London
