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Foreign Investors Targeting Los Angeles Pre Foreclosures

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By : John Cutts    99 or more times read
A sharply rising number of foreign investors are looking for Los Angeles pre foreclosures and properties in Los Angeles foreclosure listings.

Among these foreign investors are Chinese nationals who are looking for the cheap foreclosure investments they have been reading or hearing about from the media. A number of them are parents who are looking for houses for their children entering U.S. colleges, preferably bargain-priced houses designed for single families.

Based on the 2009 Open Doors report from the Institute of International Education, foreign students have contributed almost $18 billion in tuition fees and living expenses to the U.S. economy in 2009.

Despite the global downturn, the number of foreign students at U.S. universities and colleges last year still rose by 8 percent to almost 672,000 students. India has been the top country of origin for college students for the past several years. Next are China and South Korea.

According to a Manhattan-based researcher from Beijing who obtained her post-graduate degree in Boston, middle class families in China are becoming more affluent, enabling them to send their children to the U.S. so they can be more successful in China when they return. Their learning of the English language can also make them more competitive in the global market.

U.S. college education was among the reasons an enterprising real estate company in China organized recently an investment and recreation tour for 40 Chinese individuals to tour U.S. attractions and at the same look at Los Angeles pre foreclosures and other bargain-priced properties in San Francisco, Boston and New York, where there are thriving Chinese communities.

Foreclosures are available for foreign investors in Los Angeles County despite a slowdown in filings in February. Housing and commercial foreclosures declined to 14,860 postings, down from the 16,175 foreclosures filed in January and a decrease of 9 percent from the 16,125 postings in February 2009. These figures included pre-foreclosures and foreclosed properties listed for homes auctions in Los Angeles.

It was in July last year when the number of delinquency notices peaked in Los Angeles at 10,689 notices and then gradually declined over the second half of last year. They resurged by 21 percent in February over the number of January notices.

In 2009, foreclosure sales accounted for nearly 50 percent of all houses sold in California, an increase from just 33 percent in 2008.

With the number of foreign investors looking for lower-priced investment properties sharply surging, sales of Los Angeles pre foreclosures and foreclosed homes are expected to continue rising.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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