The worst recession since 1975 is eroding the wealth of elderly Italians and requiring them to do something they had never before considered: sell family homes to strangers at a discount on the condition that they can stay on until they die.
The cash transactions are called "nude sales" in Italy because in most cases the owners are stripped of ownership while retaining use of the property until they die. While they account for only 5 percent of Italian sales, they represent one of the few boom areas as the slump deepens.
"Italians are house-rich but cash-poor, so you do the math," says Mario Corsini, president of the nonprofit association Housing and the Elderly, which advises pensioners on housing. "This is one way for them to beef up their income and stay in their homes."
