Australian Broadcasting Corporation
Broadcast: 26/10/2010
Reporter: Michael Brissenden
“It is now two years since the global financial crisis rocked America – property prices have crashed in many parts of the country and a third of all sales nationwide are now foreclosed homes. Despite almost giveaway prices, Americans lack either the cash or the confidence in the market. increasingly Australian investors are stepping in where Americans fear to tread.
Transcript
KERRY O’BRIEN, PRESENTER: Two years after the Wall Street crash, the US housing market is still in crisis.
Prices have crashed in many parts of America and more than a third of all sales nationwide are now on foreclosed homes.
Claims that some banks have cut corners to evict homeowners illegally have forced US Federal reserve chairman Ben Bernanke to announce a review of foreclosure practices.
Despite almost giveaway prices, Americans lack either the cash or the confidence in the market.
Increasingly Australian investors are stepping in where Americans fear to tread. But are the bargains too good to be true?”
