Profiting from the Crash
Not everyone is worried about the recent housing market collapse in America. Some are even looking at making a profit from it. One real estate agent is taking advantage of this floundering new market.
It's a bus tour like no other. Every Saturday the 'Repo Home Tour' takes property hunters around the town of Stockton, California, looking for a bargain. Cesar Dias has been
running the bus tour for over five months, since the city became flooded with properties for sale. All the houses on the tour are in foreclosure after their owners fell victim to in-built stepped interest rates,typical of sub-prime mortgages. Where these properties were once amongst the most expensive, they are now up for sale on the cheap. Cesar believes he is helping the community,"neighbours are glad that the properties are sold quickly and not left to get derelict".
FULL SYNOPSIS
running the bus tour for over five months, since the city became flooded with properties for sale. All the houses on the tour are in foreclosure after their owners fell victim to in-built stepped interest rates,typical of sub-prime mortgages. Where these properties were once amongst the most expensive, they are now up for sale on the cheap. Cesar believes he is helping the community,"neighbours are glad that the properties are sold quickly and not left to get derelict".