Are foreign buyers driving up the price of real estate? A new record in dollar amount spent by foreign buyers on US real estate.

Dr. Housing Bubble reports:

Foreign buyers are a big part of the US real estate game. I’m surprised that some people downplay this because on aggregate, foreign purchases of US real estate do make up a small portion of total sales. Yet foreign money is very targeted on certain areas. For example, Canadians love buying up Arizona real estate and prices must seem free when compared to the gigantic housing bubble Canada is going through. It should come as no surprise to you that the top international buyer of US real estate is now China. It should also be no surprise that Chinese buyers really enjoy buying in California.

The excess supply of dollars had to wind up somewhere.