Transcript: Foreign Buyers May Assist In Housing Recovery

RENEE MONTAGNE
NPR Morning Edition
05-04-2009
Foreign Buyers May Assist In Housing Recovery

Host: RENEE MONTAGNE
Time 11:00-12:00 PM


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RENEE MONTAGNE, host:

A major problem in the housing market is oversupply too many homes and too few buyers is a big reason for falling prices. Here with a noble plan to address the problem is economist Gary Shilling.

Mr. GARY SHILLING (President, A Gary Shilling & Co): The proposal that I have, and along with Richard Lefrak, a New York based real estate developer, is basically to sell these houses to foreigners. There are many foreigners in this country already. They've come in under student visas or what are called H-1B visas - that's the ...

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