Features from a War Zone: A Different Kind of Boom in Baghdad

mccarthy061208 Features from a War Zone: A Different Kind of Boom in BaghdadTerry McCarthy of ABC News recently told the Observer that as the level of violence in Iraq has dropped off in recent months, correspondents in Baghdad have had more time to work on feature stories about the state of the country—rather than, say, report on the latest suicide bombing.

Last night, Mr. McCarthy reported one such "believe it or not" feature for World News with Charlie Gibson. The story was about booming housing prices in Baghdad.

"With security improving and virtually no new construction in Baghdad for five years, prices on existing properties are shooting up," says Mr. McCarthy in the report.

"One other difference from the U.S., there is no likelihood of a mortgage crisis here," he added. "That’s because there are no mortgages. Houses are paid for in cash."

You can see the whole report here.