“House swapping” joins to the list of innovative sell/buy strategies in troubled housing industry in US.
How does house swapping work?
Sub prime mortgage crisis made many houses face foreclosures. Almost all big banks wrote down billions and billions of dollars absorbing all the losses of sub prime crisis. Economists warn that more danger is yet to come in fall of this year as many ARM mortgages are up for renewal and financing conditions put forth by lenders are becoming stingier day after day. Selling a house in this kind of market requires creativity. The last trend that impressed me was article about woman raffling off her home to avoid facing foreclosure.