Chinese house hunters head to USA for foreclosure deals

Chinese house-hunters are packing their bags and heading to the U.S. to shop for foreclosure deals in the beleaguered housing market. USA Today reports that a Chinese tour group of over 40 affluent home shoppers will begin a trip later this month to New York, Boston and San Francisco in search of cheap homes to buy. The goal? To buy homes priced between $300,000 and $800,000 that can serve as investment properties as well as housing for their children to live in when they go to the USA to study or work.

While traveling and shopping for local trinkets have always been inextricably linked, an international bargain house hunting trip could deliver enough action packed drama for a new "Extreme Home Shopping" HGTV show. Imagine the intrigue as the host rants "Mr. and Mrs. Chen have only three days left in the USA (before their visa runs out!) to find that perfect $800,000 home for their son to use as a dorm room when he starts school next fall."

Wow...the house parties those kids will be throwing.