We're saved!

The Koreans are coming, and they're carrying sacks of cash. Well, that's not quite true. They're using wire transfers.

In an effort to get better returns due to favorable exchange rates (and perhaps to move capital farther from North Korea), wealthy South Koreans are snapping up residential property here in the States. With the US market softening, and with it being ever easier to move capital internationally, expect this trend to spread. The value of high-end property is therefore being hedged nicely. Doesn't do much for those of us who are merely mortal. Many who bought in are upside down and can't get out, and many still can't get in. Time to start converting those condos back to apartments?