Posted by: brothermartin | August 11, 2008

AMERICA–THE YARD SALE

LOST SOVEREIGNTY

OIL-RICH FUND EYEING US HOMES

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.

more

Q:  Why on earth would they do that?

A:  Gotta do something with all them wheelbarrow loads of shrinking dollars….

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