The BBC ran a documentary looking at the effects of the sub-prime mortgage company. Many homes in the USA have been repossessed. These properties are then sold, often below their actual market value as confidence is rock-bottom.
So who buys them? Those that are unaffected by the events of last September hop on a special bus which tours the neighbourhood in search of second-homes, or potential investment properties. Typically, a house will be sold a whole $100,000 below their value a year ago.
This appears to be a gross injustice. Wealthy home-owners are augmenting their earning potential due to the misfortune of those on the breadline.
The question is whether this is the market in action, and those purchasing this property are without blame, or whether this represents something more sinister. With projections that the UK may experience something similar, does this make you feel uneasy?