Foreign exchange: Investors from abroad swap cash for houses

When Victor Avramenko drives through the sunbaked rows of stucco houses in the western suburbs of Phoenix — where he bought his first American property two years ago — he doesn’t see the job cuts, slashed incomes and foreclosures that have devastated neighborhood after neighborhood in this city, which was once a real estate speculator’s dream. He sees profit potential.

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3d rendering of a row of luxury townhouses along a street

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