People have been warning about it for decades now but we're finally there.
I was looking up places to rent in California today. I looked at dozens of these listings for 1 bed 1 bath and 2 bed 1 bath apartments (and houses) well north of $1000. I was thinking, hey this could be manageable on a California salary. But wait. When I read the fine print, they are all just looking for roommates. All of them.
Anyone else remember when you were getting a huge discount if you were willing to live with roommates? Not $1200, $1500 or $1600 a month. It was more like $400. This is just nuts.
It's all due to asset inflation. We should hope that Trump does crash the economy to get these prices back to something sane.
There is no shortage of Indians and Pakistanis moving to California. Somehow, they all have money to buy houses out here.
Chinese investors love Cali too. They know the USA won't curtail immigration and half the immigrants move to Cali.
This is an area where blaming foreigners doesn't hold up. Mexicans and South Americans will blame Americans for coming and bringing their US dollars. US, Canada, New Zealand and Australia blame Chinese / Indians for bringing their weaker Chinese and Indian dollars (US also can blame illegal immigrants for just bringing themselves). And China has no one to blame since they barely have any rich foreigners living there, but they still had a massive housing bubble anyway.
TLDR; you can't blame foreigners for a global housing bubble.