The average age of Children staying with parents has risen here by a lot. It is now 26 years old and climbing .
Unemployment is worst among the young, significantly higher than the national average.
This will have a negative forward impact on US housing prices as the generation of 20-somethings earning power is delayed or in some sad worst-case scenarios, permanently impaired; but what is not delayed is their now record high student loan debt.
This negatively impacts their buying ability and credit worthiness, and access to mortgages isn't "wild west easy" as it once was. With this key "first-time homebuyer" segment impaired, you're now hurting the "moving on up" second home sales as well. It's like a real estate food chain and by harming the lower rung, you're eventually over time going to see this feed all the way to the higher rungs of the real estate ladder
(this last bit will take some years though). Not to mention, interest rates only have one possible direction to go, and inflation will eventually rear its' ugly head as a consequence of the US government printing USDs like monopoly money the last few years.
It could get ugly.....
Mortgages are so expensive here on the west coast and Asian investors are inflating prices here. A friend of mine is in the real estate market and he says that a lot of houses have no one living inside. Imagine buying houses or condos for over a million dollars and they are not owned by citizens of the country.
When the Chinese economy implodes, and it will, that issue will be "resolved" so to speak.
They will have liquidity problems at home in China, partially due to the economic crash, partially due to a lack of domestic asset diversification due to the fact that real estate is one of the few things Chinese can invest in, and partially due to the Communist government's heavy regulations itself. When that time comes, they will sell their California and Vancouver homes en masse, which will send the prices in those areas lower.