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Chinese Tourists Want To Buy Your Foreclosed Homes

We always thought anything that drove tourism to the United States up, particularly in these dark days, was a good thing -- especially tourists prepared to spend lots of money. But a Chinese company's plan to offer foreclosure tours for would-be home-buyers from China, though it may be good for the market, feels a little exploitative to us.

Chinese real-estate agency SouFun organized its first foreclosure tour for 40 prospective buyers this month. The shopping excursion will hit Los Angeles, Las Vegas, San Francisco, Boston and New York -- but not other top foreclosure states like Florida, Arizona or Michigan. Not all of these potential buyers are looking for investment income; NPR talked to a man who pointed out that even in an overheated market like New York, it's still possible to get a house close to decent schools around $500,000 (unheard of in Beijing or Shanghai). What he won't be shopping for is a mortgage to go with his new home.

So we'll welcome these buyers with one open arm while keeping in mind the number of places in the world where the U.S. dollar is still so strong. And in fairness, local foreclosure tours have been organized by brokers trying to pick up a little business; there's a free one sponsored by RE/MAX on Saturday in the Chicago area. But tourists, while you're here, want to visit all our theme parks, restaurants and hotels? Thanks!

Related Stories:
· Chinese Foreclosure Tourists Shopping in US [NPR via Escape Brooklyn]
· Chinese investors house hunting in US [WTNH]
· US Foreclosure Market Data By State, 2008 [Ritholtz.com]
· There's Trouble in Tahitian Paradise [Jaunted]

[Photo: respres]