For many who preach about how home buying is the best and safest investment. The truth is, home buying can sometimes present more risks than any typical investment. Home buying being the safest investment is a myth. What happened in the upscale neighborhood in Porter Ranch, California can happen anywhere in America. (Click here to read a really good article about this on Newsweek magazine.) The average home price in Porter Ranch used to be over US$1 Million, and for many who spent this much to live in a supposedly great suburb with great schools, they found themselves suddenly homeless due to the massive gas leak. Many residents are worried about not being able to sell their homes. But then there are always lots of uninformed Chinese immigrants and immigrants from other parts of Asia who may be very eager to pay all cash above any listing price and waive any environmental or structural inspection to buy the houses in Porter Ranch. It's because many immigrants, particularly the ones from China are often coming with a very real estate obsessed mentality and they will pay cash for anything, since they don't understand how American homes should really be valued. The Chinese just don't understand much about real estate investment in America and are often very naive. One of the reasons can be because they never got a chance to own their own land and home back in China, and when they did, they were misled by the speculative buying behavior among their own people.
If I were a homeowner in Porter Ranch, I would quickly get a broker who specializes in selling to the Chinese!! The Chinese will bail the Porter Ranch residents out of their polluted neighborhood, with loads of cash.
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