British buy-to-let investors cash in on repossessed US homes | Money | The Observer
British investors unable to afford buy-to-let properties in the UK are buying ultra-cheap repossessed US homes in a bid to profit from rent guarantee schemes and possible long-term capital appreciation when the American economy recovers.
The homes are selling for as little as £20,000 in cities such as Detroit, where the combination of long-term unemployment and the credit crunch has led to house price falls of 70% since 2006, with few signs of any imminent recovery.
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