National Fire Sale

Foreclosed American Homes Being Bought By Foreigners

August 11. 2008

In another sign of the hard financial times hitting America, foreclosed homes are being bought up in large numbers, by oil rich foreign countries, at rock bottom prices. Nice work George Bush. Not.

LOST SOVEREIGNITY - OIL-RICH FUND EYEING FORECLOSED US HOMES

August 10, 2008 - There's a new land grab starting in America. Foreign money, which up to now has focused its attention on investing in iconic commercial real estate - like Barneys New York and the Chrysler Building - is now moving to scoop up tens of thousands of discounted foreclosed homes across the country.

One sovereign fund, said to have earmarked $29 billion to purchase foreclosed residential real estate, recently hired a West Coast mortgage broker and is starting to search for bargains, The Post has learned.

http://www.nypost.com