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Tags: Recessionomics / Recession Tourism / → All Tags

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]

Tags: Fare Wars / Southwest / Recession Tourism / Recession Travel / U.S. Airways / → All Tags

Oh, It's On Now: Southwest Fires First Shot in Air Fare War

Well, somebody had to be the first. Scrappy Southwest Airlines triggered a massive air fare war on Friday by announcing super-cheap seats to almost everywhere it flies for travel before March 11, 2009. As the AP points out, its competitors swiftly followed suit, with American, Continental, JetBlue, and Delta slashing their own prices to match Southwest's fares, which start at $49 to $99 each way. Even U.S. Airways, the company that literally walks on water, jumped into the bargain bin. (So much for the Sullenberger Bump.) We reckon that the airline executives who lowered their prices did so reluctantly, and are probably a little miffed at Southwest for forcing their hands. Nonetheless, with both business and leisure travel declining along with the economy, it'll take some serious savings to keep people flying through the recession. Maybe this will work. Of course, pain for the airlines equals opportunities for everyone else, so we're definitely going to scan the schedules to see if we can afford to fly someplace warm for a little late-winter attitude adjustment.

[Photo: lycia-online.com]

Related Stories
· Southwest Triggers Sales on Late-Winter Fares [AP via Yahoo! News]
· Fare War Coverage [Jaunted]

Tags: Recession Tourism / Celeb Travel / Helen Mirren / Hawaii / → All Tags

Helen Mirren Doing Her Bit For Hawaii Economy

In these tough times we all have to do our bit for the economy. For Oscar winner Helen Mirren, that means availing herself of the local tourist opportunities on a day off from work... in Maui. Oh, that lucky lady.

Mirren is out there filming a new version of "The Tempest" directed by "Lion King" creator Julie Taymor, in which she plays Prospera, a female version of the male patriarch who is banished to a deserted island. (Jeremy Irons, Djimon Hounsou and "Forgetting Sarah Marshall"'s Russell Brand costar.) Taymor is shooting for three months on various islands of Hawaii -- and you could do worse.

Related Stories:
· Helen Mirren Too Busy Saving America To Meet With The Queen [Jaunted]
· Yachting Travel: Armani's Summer Vacation [Jaunted]
· Celeb Travel coverage [Jaunted]

[Photo: Faded Youth Blog]